Overview
- The SEC filed a civil complaint Friday, May 29, 2026, accusing Texas resident Nathan Fuller of running a scheme that raised about $12.3 million from roughly 150 investors through entities including Privvy Investments.
- Regulators say Fuller marketed a proprietary AI‑powered high‑frequency arbitrage “trading robot” that promised extreme short‑term gains, including claims of more than 40–50% in 30–45 days and over 100% in 21 days.
- The complaint alleges Fuller misappropriated at least $6.2 million for personal use and used about $5.5 million to pay earlier investors in Ponzi‑style distributions, while only a small portion of funds was actually deployed into crypto markets.
- The SEC says Fuller used forged account statements, fabricated documents, doctored dashboards, and fake performance updates to reassure investors and recruit new victims, and it is seeking permanent injunctions, disgorgement with interest, and civil penalties.
- Enforcers view the case as part of a broader trend of AI‑branded crypto scams that use technical jargon to hide classic fraud mechanics, and investors are warned to distrust guarantees of large, fast returns and to verify licenses and account records.