Doubling in 21 days and still under federal insurance—150 people believed it. Now that the money is gone, that’s when they finally wake up.

The SEC has filed a lawsuit against Texas resident Nathan Fuller, accusing him of raising approximately $12.3 million from about 150 investors through false claims of an "AI high-frequency arbitrage robot" cryptocurrency investment joint venture via Privvy Investments LLC and Gateway Digital Investments. The promotion claimed a 40%–100% return in 21–45 days, with FDIC insurance and bond protection. In reality, the robot did not operate as advertised, and Fuller embezzled about $6.2 million for personal expenses, using approximately $5.5 million from new investors' funds to make Ponzi payments. A lawsuit has been filed in the Southern District Court of Texas, seeking a permanent injunction and civil penalties.