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Charges Against The Founder Of An AI Business Include Investor Fraud

According to prosecutors, the founder of a data analytics company that allegedly used artificial intelligence technologies was indicted in federal court in Manhattan for allegedly trying to defraud his investors by manipulating his bank statements and revenue figures to create the appearance of success.

According to PitchBook statistics, Michael Brackett raised $2.5 million from angel investors in 2019 to launch Centricity, a startup that promised to estimate customer demand in real time. The Wall Street Journal was informed by Brackett that he will raise $10 million in 2021.

Instead, Centricity failed as a result of Brackett’s resignation.

Source (CNBC)

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