Latest news with #TimeSpentinLosAngeles
Yahoo
12-04-2025
- Business
- Yahoo
Tech CEO allegedly defrauded investors lured by AI of $40 million, feds say
A fintech startup that raised $40 million based on the premise of its artificial intelligence capabilities was fueled by human labor, allegedly defrauding investors lured by the new technology of millions, federal prosecutors said this week in a statement. Albert Saniger, 35, the former CEO and founder of Nate in 2018, who is from Barcelona, Spain, was indicted in the Southern District of New York for engaging in a scheme to allegedly defraud investors and making false statements about his company's AI capabilities. Nate, an e-commerce company, launched the nate app that claimed to streamline the online shopping checkout process via a single AI-powered tap option. But the app was not powered by advanced AI technology at all, according to the indictment. With the promise of custom-built "deep learning models" that would allow the app to directly purchase goods on product pages in fewer than three seconds, Saniger raised over $40 million. While instructing employees to keep nate's reliance on overseas workers secret, he pitched investors an AI-driven product capable of 10,000 daily transactions. Instead, the app allegedly relied heavily on overseas workers in two different countries who manually processed transactions, mimicking what users believed was being done by automation. Saniger, meanwhile, allegedly told investors and the public that the transactions were being completed by AI. "Saniger allegedly abused the integrity associated with his former position as the CEO to perpetuate a scheme filled with smoke and mirrors," the U.S. Justice Department said in a statement. In the technology's absence, Saniger allegedly relied heavily on hundreds of workers at a call center in the Philippines, court documents said. When a deadly tropical storm struck the country in October 2021, the indictment said, nate established a new call center in Romania to handle the backlog of customer services. Investors were likely never exposed to the lull in transactions because Saniger directed that transactions by investors be prioritized to avoid suspicion. The aftermath of the company's fallout in 2023, left investors with near-total losses, the indictment said. U.S. private AI investment grew to $109.1 billion last year — and the U.N. trade and development arm said market share is poised to climb to $4.8 trillion by 2033. AI is widely perceived as being free from human intervention but the reality paints a more complicated picture. Nate is not the only company that has capitalized on AI through cheap labor overseas. In 2023, The Washington Post exposed 'digital sweatshops' in the Philippines where employees worked on content to refine American AI models for a company called Scale AI, which multinational technology conglomerates like Meta, Microsoft and OpenAi utilize. CBS News reached out to the U.S. attorney's office and Saniger for comment. Saturday Sessions: Dawes performs "Still Strangers Sometimes" Saturday Sessions: Dawes performs "Time Spent in Los Angeles" Saturday Sessions: Dawes performs "Front Row Seat"
Yahoo
31-01-2025
- Entertainment
- Yahoo
FireAid benefit concert: Follow live performances
The wildfires that decimated parts of Los Angeles were historic in their devastation and cost. The FireAid benefit concert on Jan. 30 will go down in history not only because it features some of the biggest names in music taking the same stage, but for the message of hope and unity those artists spread. And, hopefully, their performances will raise a monumental sum to aid in recovery and rebuilding. So many musicians wanted to bring their spotlight to the cause, that what was initially set as a single event turned into dual concerts, both of which will be streamed for free on major streaming services, social media like YouTube and TikTok and broadcast stations. Performers at the newly opened Intuit Dome include Billie Eilish, Jelly Roll, Katy Perry, Lady Gaga, Lil Baby, Olivia Rodrigo, Peso Pluma, Rod Stewart, Stevie Wonder, Sting, Tate McRae and Earth, Wind & Fire. At L.A. landmark Kia Forum, Alanis Morissette, Graham Nash, Green Day, John Fogerty, Joni Mitchell, No Doubt, Pink, the Red Hot Chili Peppers, Stephen Stills, Stevie Nicks, the Black Crowes and John Mayer will perform. Contributions made to FireAid at will be distributed under the advisement of the Annenberg Foundation and all proceeds will go directly to the event's designated beneficiaries. Follow along as we take you inside the fundraiser concerts from inside the Intuit Dome. The Los Angeles-bred band, some of whose members lost homes in the fires, offered the apropos 'Time Spent in Los Angeles.' Following Dawes' ode to their hometown, frontman Taylor Goldsmith, who is married to singer/actress Mandy Moore, welcomed Stephen Stills and storied member of Tom Petty's Heartbreakers Mike Campbell to the stage. The whole crew ambled through 'For What It's Worth,' the Stills-penned Buffalo Springfield classic written during his time in the band. Stills and Campbell traded guitar licks during an extended outro to the '60s anti-war anthem. Another member of the folk-pop legends, Graham Nash, joined the team, giving a squeeze to 'my partner for many years,' Stills, as he walked to the microphone. 'Whenever Los Angeles gets into trouble, the musicians are right there and I'm proud to be one of them,' Nash said. With Stills at his right side, Nash strummed his guitar through a rendition of Crosby, Stills and Nash's 'Teach Your Children.' Sitting in her gilded throne in a black velvet pantsuit, black hat and sunglasses, the woman synonymous with Laurel Canyon music prompted goosebumps and teary eyes with a deeply felt 'Both Sides Now.' At 81, Mitchell's songs are imbued with the wisdom of age, and her reading of the lyric 'something's lost and something's gained in living every day,' augmented with tenor saxophone, was particularly poignant. The multitalented .Paak hit the drums for 'Put Me Thru,' his Koreatown hoodie showcasing his allegiance to the historic Los Angeles neighborhood. During the song, he and Sheila E. engaged in a drum-off, with the 67-year-old behind 'The Glamorous Life' high kicking atop her percussion setup. 'Our hearts go out to everyone,' Paak said. 'But as far as I'm concerned, this is one of the greatest nights in LA history.' .Paak and his soul-funk band bounced through 'Come Down,' leading the crowd in a wave-along, but The Forum audience really roared when Dr. Dre strolled out to 'Still D.R.E.' 'This year will be 40 years I'm in the business,' Dre told the crowd before a not-unexpected segue into Tupac Shakur's signature song, 'California Love,' Dre and .Paak simultaneously spitting rhymes while Sheila E. added a percussive undercurrent before tossing her cymbal stand across the stage. Green Day kicked off the Kia Forum FireAid show with a subdued version of 'Last Night on Earth.' As singer Billie Joe Armstrong, playing acoustic guitar, started the chorus of 'sending all my love to you,' Billie Eilish, wearing a striped polo and tie, walked out as a surprise (she is scheduled for the Intuit Dome show starting later). The two Billies shared the chorus in front of a backdrop of stirring photos of fire rescue efforts. Green Day's set also included 'Still Breathing' and the band's pop-punk favorite, 'When I Come Around,' featuring a blond Armstrong shouting out many of the California cities destroyed by the fires, including Altadena and Pacific Palisades. 'We are in this together,' he yelled. Sporting an 'I (Heart) LA' black T-shirt as she roamed the stage for 'Hand in My Pocket,' Morisette led the crowd in a singalong of her 1995 hit, waving her hands overhead in a peace sign to underscore the lyrics and playing harmonica throughout. 'The connections that have been born from this tragedy are deeply heartening,' she said, adding a thanks to first responders during the opening keyboard notes of 'Thank U.' In keeping with the song's title, the video screens behind the stage showed social media posts of people thanking firefighters for their efforts. This article originally appeared on USA TODAY: FireAid concert performances: Lady Gaga, Billie Eilish inspire
