The indictment accuses Albert Saniger of raising more than $40 million from venture capital firms based on false statements about Nate’s AI capabilities.

Federal prosecutors have charged Albert Saniger, the founder and former CEO of ecommerce startup Nate, with securities fraud and wire fraud.

Prosecutors allege he misled investors by falsely claiming the company’s powered its app with proprietary artificial intelligence. The formal accusation, unsealed April 11 by the U.S. Attorney’s Office for the Southern District of New York, accuses Saniger of raising more than $40 million from venture capital firms based on false statements about Nate’s AI capabilities. Prosecutors say the company relied entirely on overseas contract workers to manually process online purchases that users believed were managed automatically.

“As alleged, Albert Saniger misled investors by exploiting the promise and allure of AI technology to build a false narrative about innovation that never existed,” said acting U.S. attorney Matthew Podolsky. “This type of deception not only victimizes innocent investors — it undermines trust in the tech sector as a whole.”

Nate CEO charged with fraud

Saniger, 35, of Barcelona, Spain, is accused of telling investors that Nate’s app could complete online purchases on any retail site using AI, reducing the checkout process to a single tap. He claimed the technology could automatically select product options, input payment details, and place orders with minimal...

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