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