The U.S. Department of Justice announced that Israeli entrepreneur Ayelet Raz, founder and CEO of artificial intelligence company Joonko, pleaded guilty to securities fraud charges in federal court in New York. Raz admitted to defrauding investors and raising $27 million through fraud using false representations about the company's revenues and the identity of its clients. According to the authorities' statement, she forged bank statements and purchase orders to mislead venture capital firms. Raz, 40, faces a maximum sentence of 20 years in prison.