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Ponzi

All articles tagged with #ponzi

OpenAI's Sora Shutdown Sparks Funding Fears and Disney Exit
artificial-intelligence15 days ago

OpenAI's Sora Shutdown Sparks Funding Fears and Disney Exit

OpenAI is under growing strain after shutting down its Sora AI video project (its ~100-day run), while Disney exits a $1B investment. The company is courting new funds and even offering guaranteed returns, a move critics liken to a Ponzi-like setup, as profitability remains elusive and Microsoft’s deep involvement looms large. Many see the chaos as potentially driving consolidation or a breakup rather than a straightforward Microsoft takeover.

via Windows Central|
#artificial-intelligence#disney#microsoft
Georgia financial adviser pleads guilty in $380 million Ponzi scheme
crime2 months ago

Georgia financial adviser pleads guilty in $380 million Ponzi scheme

A Georgia financial adviser, founder of Drive Planning LLC, pleaded guilty to wire fraud for running a $380 million Ponzi scheme that victimized more than 2,000 people. Prosecutors say the fraud offered apparently real estate-backed short‑term loans with 10% returns every three months, encouraged investors to tap retirement accounts, and used funds to buy luxury assets including a $2 million yacht, a $2.1 million condo in Mexico and a motorcoach. A plea deal seeks more than 17 years in prison; investigators are attempting asset liquidation to recover losses, but full restitution is unlikely. The former chief operating officer also pleaded guilty.

via CBS News|
#crime#fraud#georgia