U.S. SEC Sues Texas Man for Alleged Involvement in $12.3 Million Cryptocurrency Scam

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BlockBeats News, May 30 — The U.S. Securities and Exchange Commission (SEC) announced that it has filed charges against Texas resident Nathan Fuller, accusing him of committing fraud through a cryptocurrency trading project, raising approximately $12.3 million from about 150 investors. The SEC stated that Fuller sold related investment products to investors through entities such as Privvy Investments from October 2022 to mid-2024, claiming to use a self-developed AI trading robot for high-frequency arbitrage trading of cryptocurrencies.

According to the complaint, Fuller promised investors returns of over 40%-50% within 30 to 45 days and claimed that guaranteed profits of over 100% could be achieved in as little as 21 days. The SEC stated that the AI trading robot did not operate as advertised, Fuller embezzled at least $6.2 million of investor funds for personal expenses, and used about $5.5 million to make Ponzi-like payments, while also misleading investors with forged account statements and false documents.

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Stop-LossIsLikeAConfession
· 10h ago
AI trading robot + guaranteed profit, a classic formula.
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TheWindOnTheBridgeIsTooStrong.
· 11h ago
Faking reports is an old traditional skill.
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SlippageSailor
· 11h ago
150 investors, an average of $80k each, middle-class harvest machine
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SushiLatency
· 11h ago
Double your money in 21 days, if you believe this, you should take a financial course.
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GateUser-c4e25c95
· 11h ago
Ponzi schemes never go out of style; they just change disguises to keep scamming.
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