US justice department to target pre-IPO artificial intelligence frauds: top attorney

The US Justice Department’s top prosecutor in San Francisco is targeting artificial intelligence (AI) and other tech startups that defraud investors before they go public, he told Reuters.

Ismail Ramsey, who became US attorney for the Northern District of California a year ago, said his office is uniquely positioned to crack down on tech startups that mislead investors on the path to initial public offerings (IPOs) given his proximity to Silicon Valley venture and angel investors.