On the other hand, presenting truthful data to investors is distinctly not fraud, and this again does not depend on the generation method.
An LLM doing so needn't even be willful from the author's part. We're going to see issues with forecasts/slide decks full of inaccuracies that are hard to review.
That being said, oh for sure this will lead to more incidental fraud (and deliberate fraud) and I’m sure it already has. Would be curious to see the prevalence of em-dash’s in 10k’s over the years.
is there precedent for this supposed ruling?
Establishes that accountants who certify financials are liable if they are incorrect. In particular, if they have a reason to believe they might not be accurate and they certify anyway they are liable. And at this stage of development it’s pretty clear that you need to double check LLM generated numbers.
Obviously no clue if this would hold up with today’s court, but I also wasn’t making a legal statement before. I’m not a lawyer and I’m not trying to pretend to be one.
[0] https://scholarship.law.stjohns.edu/cgi/viewcontent.cgi?arti...