SEC sues Texas man over $12.3 million alleged crypto scheme built on fake AI trading bots
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The U.S. Securities and Exchange Commission (SEC) has sued Texas resident Nathan Fuller, alleging he raised about $12.3 million from roughly 150 investors through a crypto investment scheme built around false claims of AI-powered trading bots, guaranteed returns and insurance protections.
Key facts
The U.S. Securities and Exchange Commission (SEC) has sued Texas resident Nathan Fuller, alleging he raised about $12.3 million from roughly 150 investors through a crypto investment scheme built
Fuller, instead, allegedly misappropriated at least $6.2 million for personal expenses, including the purchase of a home, gambling, travel and vehicles, while using about $5.5 million to make
According to the complaint, only about $380,000, or roughly 3% of investor funds, was used to purchase cryptocurrency without the involvement of bots
The complaint alleges investors were promised returns of 40% to 50% within 30 to 45 days and, in some cases, exceeding 100% in less than a month
Summary
Texas man Nathan Fuller allegedly raised $12.3 million from 150 investors via a false AI crypto bot scheme promising up to 100% returns. Fuller allegedly diverted $6.2 million for personal use and $5.5M for Ponzi-like payments; only 3% of funds went to crypto trading. To cover losses, Fuller used fabricated statements and an AI-generated letter to fraudulently reassure investors. The U.S. According to a complaint filed in the U.S. District Court for the Southern District of Texas, Fuller operated through Privvy Investments LLC and the assumed business names Privvy Investments and Gateway Digital Investments.