Menu

  • Alerts
  • Incidents
  • News
  • APTs
  • Cyber Decoded
  • Cyber Hygiene
  • Cyber Review
  • Cyber Tips
  • Definitions
  • Malware
  • Threat Actors
  • Tutorials

Useful Tools

  • Password generator
  • Report an incident
  • Report to authorities
No Result
View All Result
CTF Hack Havoc
CyberMaterial
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
Hall of Hacks
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
No Result
View All Result
Hall of Hacks
CyberMaterial
No Result
View All Result
Home News

Joonko CEO Faces $21 Million Fraud Charges

June 11, 2024
Reading Time: 2 mins read
in News

The Securities and Exchange Commission (SEC) has charged Ilit Raz, CEO and founder of the now-defunct AI recruitment startup Joonko, with defrauding investors of at least $21 million. Raz is accused of making false and misleading statements about Joonko’s customer base, candidate numbers, and revenue. The SEC’s complaint alleges that Raz misrepresented Joonko as having over 100 clients, including Fortune 500 companies, and fabricated testimonials to attract investment. She also allegedly lied about Joonko earning more than $1 million in revenue and claimed a vast number of active job candidates.

To further the deception, Raz is said to have provided falsified bank statements and forged contracts when an investor questioned the legitimacy of her claims. The fraud was exposed in mid-2023 when the investor confronted Raz, leading her to admit to the falsifications. The SEC’s investigation revealed a pattern of deceit, with Raz using buzzwords like “artificial intelligence” to mask the fraudulent nature of her operations.

The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York, seeks a permanent injunction, civil penalties, disgorgement of ill-gotten gains, and a bar from serving as an officer or director in any company. Additionally, the U.S. Attorney’s Office for the Southern District of New York has announced parallel criminal charges against Raz for her role in the scheme.

The SEC’s action underscores its commitment to policing fraudulent activities in the burgeoning AI sector. The investigation, led by Alicia Guo, Ariel Atlas, Neil Hendelman, and Lindsay S. Moilanen, with supervision from Sheldon L. Pollock, highlights the need for vigilance against companies exploiting AI trends to mislead investors.

Reference:

  • Joonko CEO Charged with $21 Million Fraud by US Securities and Exchange Commission
Tags: AICEOCyber NewsCyber News 2024Cyber threatsIlit RazJoonkoJune 2024SECSecurities and Exchange Commission
ADVERTISEMENT

Related Posts

Spain Busts $11.8M Investment Fraud Ring

Spain Busts $11.8M Investment Fraud Ring

July 4, 2025
Ransomware Gang Hunters International Folds

Ransomware Gang Hunters International Folds

July 4, 2025
Interpol Warns of New West Africa Scam Hub

Interpol Warns of New West Africa Scam Hub

July 4, 2025
Spanish Police Arrest High Profile Hackers

Jury Hits Google Over Android Data Use

July 3, 2025
Spanish Police Arrest High Profile Hackers

Germany and Israel Plan Cyber Partnership

July 3, 2025
Spanish Police Arrest High Profile Hackers

Spanish Police Arrest High Profile Hackers

July 3, 2025

Latest Alerts

Google Removes 352 ‘IconAds’ Fraud Apps

Malicious Firefox Add Ons Steal Crypto Keys

Browser Cache Attack Bypasses Web Security

PDFs Deliver QR Codes in Callback Scams

Critical Sudo Flaws Expose Linux Systems

Unkillable Mac Malware From North Korea

Subscribe to our newsletter

    Latest Incidents

    Tech Incubator IdeaLab Discloses Data Breach

    Brazil’s CIEE One Exposes 248,000 Records

    McLaughlin & Stern Discloses Data Breach

    Cyberattack Hits Medtech Firm Surmodics

    Rhysida Ransomware Hits German Charity WHH

    Hacker Accesses Max Financial’s User Data

    CyberMaterial Logo
    • About Us
    • Contact Us
    • Jobs
    • Legal and Privacy Policy
    • Site Map

    © 2025 | CyberMaterial | All rights reserved

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    No Result
    View All Result
    • Alerts
    • Incidents
    • News
    • Cyber Decoded
    • Cyber Hygiene
    • Cyber Review
    • Definitions
    • Malware
    • Cyber Tips
    • Tutorials
    • Advanced Persistent Threats
    • Threat Actors
    • Report an incident
    • Password Generator
    • About Us
    • Contact Us
    • Advertise with us

    Copyright © 2025 CyberMaterial