Maxpread Technologies deploys deepfake CEO to scam investors
Maxpread Technologies deploys deepfake CEO to scam investors
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Occurred: April 2023
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Maxpread Technologies used an AI-generated CEO to manipulate investors into believing the company was legitimate and trustworthy.
The company created a video using AI video generation tool Synthesia that was fronted by 'Michael Vanes' to attract investors.
However, according to the US Department of Financial Protection and Innovation (DFPI), Vanes did not exist and Maxpread’s real CEO was actually Jan Gregory Cerato, who had previously claimed to step down due to mismanagement of funds within the company.
The DFPI issued a desist and refrain order against Maxspread and Gregory.
Maxpread is allegedly the latest in a series of scams involving Jan Gregory, whose real name is Jan Strzepka.
System 🤖
System 🤖
Operator: Maxpread Technologies
Developer: Maxpread Technologies; Synthesia
Country: UAE/Dubai; Hong Kong; USA
Sector: Banking/financial services
Purpose: Manipulate investors
Technology: Deepfake - video, audio; Generative adversarial network (GAN); Neural network; Deep learning; Machine learning
Issue: Accountability; Mis/disinformation; Transparency
Legal, regulatory 👩🏼⚖️
Legal, regulatory 👩🏼⚖️
US Department of Financial Protection and Innovation (2023). Maxpread Technologies Desist and Refrain Order (pdf)
US Department of Financial Protection and Innovation (2023). DFPI Launches Sweep of Investment Fraud Claiming Ties to Artificial Intelligence
Page info
Type: Incident
Published: August 2023
Page updated
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