SEC Charges Nathan Fuller Over $12.3 Million AI Crypto Fraud
- Nathan Fuller allegedly raised $12.3 million from around 150 investors using fake AI trading bots.
- Only about $380,000, or roughly 3%, was used to buy crypto, with no profits generated.
- Fuller is accused of misappropriating $6.2 million for personal use and making Ponzi-like payments with another $5.5 million.
- The SEC seeks permanent injunctions, disgorgement of gains plus interest, and civil penalties against Fuller.
The SEC has charged Nathan Fuller with fraud for operating a scheme through Privvy Investments LLC that falsely promised high returns via non-existent AI trading bots. The case highlights the ongoing regulatory focus on fraudulent crypto schemes leveraging AI branding.
Of the $12.3 million raised, only a small fraction was invested in crypto, while significant funds were allegedly diverted for personal use and to sustain the scheme through Ponzi-like payments. Source
