News Summary

Albert Sangier, the founder of Nate, a financial technology platform, has been indicted by the US Department of Justice for defrauding investors. The indictment reveals that Sangier raised over $40 million by claiming that Nate offered a universal checkout app powered by artificial intelligence. In reality, the transactions were completed by human contractors based in the Philippines and Romania, or by bots. This case highlights the ongoing issue of entrepreneurs misrepresenting human labor as technological innovation.