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Securities and Exchange Commission v. Mufareh et al

  1. August 12, 2025

    SEC Fines Firm Owner $4M Over AI Pyramid Scheme Claims

    The Florida owner of a multilevel marketing company agreed to a $4 million penalty to resolve a U.S. Securities and Exchange Commission suit that accused him of fraudulently raising $108 million for the purported development of artificial intelligence-powered software products, according to a consent order filed Tuesday.

  2. August 28, 2024

    AI Software Co. Must Face SEC's $108M Pyramid Scheme Suit

    A Florida federal judge has refused to toss a suit brought by the U.S. Securities and Exchange Commission against the owners of a multilevel marketing company, accusing them of running a fraudulent and unregistered securities offering that raised roughly $108 million from claims that they are using artificial intelligence to develop software, saying the SEC has sufficiently pleaded the existence of a scheme, among other things.

  3. November 22, 2023

    MLM Owners Fight SEC Claims In $108M Fraud Scheme Suit

    The owners of a multilevel marketing company have asked a Florida federal judge to toss a suit from the U.S. Securities and Exchange Commission alleging they ran a fraudulent and unregistered securities offering that raised roughly $108 million, arguing in part that the SEC's claims about their business model fail to show how it is illegal.

  4. August 11, 2023

    SEC Says Purported AI Developer Ran $108M Fraud Scheme

    The U.S. Securities and Exchange Commission on Friday filed suit against a Florida man and his multilevel marketing company for allegedly running a fraudulent and unregistered securities offering that raised roughly $108 million for a purported artificial intelligence development company.