Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
The US SEC Charges Texas Man in $12.3 Million Crypto Scam

The US SEC Charges Texas Man in $12.3 Million Crypto Scam

BlockBeatsBlockBeats2026/05/29 16:43

BlockBeats News, May 30th, the U.S. Securities and Exchange Commission (SEC) announced a lawsuit against Texas resident Nathan Fuller, accusing him of conducting a fraud through a cryptocurrency trading project, raising approximately $12.3 million from about 150 investors. The SEC stated that Fuller, between October 2022 and mid-2024, sold related investment products to investors through entities like Privvy Investments, claiming to use a proprietary AI trading bot for cryptocurrency high-frequency arbitrage trading.


According to the complaint, Fuller had promised investors returns of over 40%-50% within 30 to 45 days and claimed a guaranteed return of over 100% in as quickly as 21 days. The SEC stated that the said AI trading bot did not function as advertised, and Fuller misappropriated at least $6.2 million of investor funds for personal expenses, used approximately $5.5 million for Ponzi-like payouts, and misled investors through manipulated account statements and false documents.

0
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.
Trade now!