California regulators say Maxpread Technologies and Harvest Keeper sold unlicensed securities and mislead investors, claiming they would generate massive returns by using AI to trade crypto.
Michale Vanes is not the CEO of Maxpread Technologies, according to the California Department of Financial Protection and Innovation. He is an AI-generated avatar.five purported financial services companies with cease-and-desist orders, accusing them of using the “hype around AI” in order to “trade crypto assets and generate incredible profits for investors.”
In the five-page order issued by the California Department of Financial Protection and Innovation that details allegations of the sale of unauthorized securities, the agency claims that"Michael Vanes” was presented as CEO of Maxpread Technologies in a promotional YouTubestates. “The individual in the video was not the company’s CEO, but rather a fictitious, computer-generated avatar programmed to recite a script.
“In reality, this was a hoax: Markus Peters was a fictitious character played by an actor,” the second order
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