SEC takes action, $12.3 million scam exposed, 6.2 million individuals squandering, 5.5 million filling the gap, what about the remaining money?

The SEC has filed charges against Texas resident Nathan Fuller, accusing him of operating a cryptocurrency asset investment scheme under the names Privvy Investments and others, raising approximately $12.3 million from about 150 investors, falsely claiming to use AI high-frequency arbitrage robots and promising returns of 40% to 100% within 21 to 45 days. In reality, he embezzled about $6.2 million for personal expenses and approximately $5.5 million for Ponzi-like payouts, concealing the use of funds through forged reports. The SEC has filed lawsuits related to securities issuance and anti-fraud violations, seeking to recover illegal gains and civil penalties.