The CEO of a startup that purportedly used artificial intelligence to deliver customer insights from internet videos fraudulently raised at least $11 million by misleading investors about revenue and customer numbers, the SEC and DOJ said in California federal district court.
Shaukat Shamim falsely claimed companies like Coca-Cola, Kraft, and Netflix used Youplus Inc.'s technology, the Justice Department said. He also lied to investors about YouPlus’ revenue and venture capital funding, the Securities and Exchange Commission alleged Monday in the U.S. District Court for the Northern District of California.
Shamin was charged with one count of securities fraud and ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.