The US Securities and Exchange Commission (SEC) is charging a Texas resident for a multimillion-dollar cryptocurrency fraud scheme that raised nearly $12.3 million from nearly 150 investors.
According to an SEC Litigation Release issued on May 29, 2026, Nathan Fuller allegedly operated the scheme through Privvy Investments, LLC and related names including Gateway Digital Investments between October 2022 and mid-2024.
The value of the SEC he says Fuller appealed to investors with promises of extraordinary returns linked to AI-driven trading technology.
He also said that “AI-style trading” will perform low-cost trading in crypto markets and that investors can see returns of 40-50% within 30 to 45 days, with “guaranteed profits of over 100% in as few as 21 days.”
The complaint also alleges that the representations were false or misleading, and that Fuller’s practices “did not perform as represented.”
Instead, the SEC alleges that Fuller misappropriated investor funds, using at least $6.2 million for personal expenses and about $5.5 million to make Ponzi-like payments to former investors to continue appearing profitable.
The SEC also alleges that Fuller furthered the scheme by distributing false accounting statements and false letters from fictitious entities, as well as false assurances that business funds were protected or insured.
The SEC’s complaint accuses Fuller of violating Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933, and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5.
The agency wants permanent sanctions, disgorgement of ill-gotten gains and interest, and civil penalties.
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