Ex-CEO, ex-CFO of bankrupt AI company charged with fraud

The internet just christened a new acronym for AI: Artificial Income. After prosecutors unsealed a 10-count indictment, they say iLearningEngines’ ex-CEO and ex-CFO forged customers and “round-tripped” cash to fake sales—allegedly fabricating a jaw-dropping 90% of 2023 revenue. The company even hit a $1.5B valuation after going public in April before skeptics pounced. Commenters swarmed with receipts. One user pointed to short-seller Hindenburg Research’s early warning—“An AI SPAC with Artificial Partners and Artificial Revenue”—from two years ago, complete with a link. Translation: the red flags were neon, and the community is flexing the “we told you so.” Others are fixated on the alleged “money boomerangs” (cash out to “customers,” cash back in as “revenue”), while stock watchers crack up at the wild ride: “Someone call the Olympics because this is the largest jump I’ve ever seen.” The drama isn’t all finance. A culture-war tangent tried to pin blame on national traits, but another voice cooled it down with a reminder that bad actors exist everywhere. Meanwhile, SPACs (those blank-check shortcuts to going public) are catching strays, as users roast hype-fueled listings and cheer the short-seller crowd for doing homework. The vibe: incredulous, vindicated, and very online, with memes flying faster than the stock ever did.