The SEC stated that the first prototype AI robot presented by Destiny Robotics was a far cry from the socially intelligent humanoid robot promised to investors.
The complaint accuses CEO Megi Kavtaradze of better hiding truths about her company's progress and the expenditure of investor money than delivering the promised service robot.
The court settlement made Kavtaradze pay the SEC a total of $64,384, including $12,990 for profiting from the misrepresentations and civil penalties.
The SEC alleged that Kavtaradze and Destiny Robotics raised $141,000 from investors through crowdfunding while making material misrepresentations about the company's products and progress.
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