SEC v. Destiny Robotics Corp.

Destiny Robotics Corp. and Megi Kavtaradze allegedly made false and misleading statements regarding the company’s operations and products. According to the SEC, from February 2022 through March 2023, the Defendants obtained approximately $141,000 from investors by claiming to be developing the world’s first humanoid AI robot at-home assistant and companion for delivery by 2023. In truth, the Defendants were allegedly developing a robot that would have been much less sophisticated. Also, as alleged, the Defendants failed to disclose to investors that Kavtaradze used some investor funds for personal expenses.

Summary generated from official Securities and Exchange Commission press release