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U.S. SEC sues Texas man over alleged crypto trading scam involving $12.3 million

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CryptoWorld News reports that the U.S. Securities and Exchange Commission (SEC) has sued Texas resident Nathan Fuller, accusing him of illegally raising approximately $12.3 million from about 150 investors through a false "AI crypto trading robot" project. The SEC states that from October 2022 to mid-2024, Fuller sold crypto investment joint ventures under the names Privvy Investments LLC and Gateway Digital Investments, claiming to use an "AI high-frequency arbitrage robot" for trading and promising investors guaranteed returns of 40% to 100% within 21 to 45 days. The SEC points out that Fuller falsely claimed that the investment funds were insured by the FDIC and protected by guaranteed bonds, but in reality, his trading robots did not operate as advertised. The SEC accuses him of misappropriating $6.2 million of investor funds for personal expenses and using $5.5 million of new investor funds to make "Ponzi-style payments." The SEC has filed a lawsuit in the Southern District of Texas federal court seeking a permanent injunction and civil penalties.
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FomoLibrarian
· 2h ago
Hopefully, the fines can recover some money.
View OriginalReply0
SudoSage
· 10h ago
The robot isn't operating, and the money is turning over quite quickly.
View OriginalReply0
GasFeeSensitivity
· 10h ago
6.2 million people squandered, investors lost everything
View OriginalReply0
RetroRadioEcho
· 10h ago
AI high-frequency arbitrage + Ponzi scheme, a classic formula.
View OriginalReply0

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