SEC Charges GenesisAI and CEO Over Misleading Crowdfunding Disclosures
The SEC has filed a complaint against GenesisAI Corp. and CEO Archil Cheishvili, alleging material misrepresentations in multiple crowdfunding campaigns that raised over $5.3 million from retail investors. The company projected unrealistic revenues and inflated valuations despite minimal actual revenue and no viable product. The SEC seeks injunctions, disgorgement, and penalties.