The United States Securities and Exchange Commission (SEC) has charged a Texas man with orchestrating a digital asset trading scheme that allegedly raised around $12.3 million through multiple false claims, including promises of guaranteed profits exceeding 100% and the use of artificial intelligence-based trading bots.
In a complaint filed with the U.S. District Court for the Southern District of Texas on May 28, the SEC accused Nathan Fuller of Cypress, Texas, of allegedly using “various misrepresentations and omissions” to lure approximately 150 investors to his digital asset trading scheme, a company called Privvy Investments.
According to the SEC, from at least October 2022 through mid-2024, Fuller solicited investors to sign joint venture agreements and made false and misleading statements to persuade them to participate in his scheme. Among the false promises was that investors, who had a passive role in the venture, would generate returns of 40-50% within 30 to 45 days and guaranteed profits exceeding 100% in as little as 21 days.
If investors or potential investors raised doubts, Fuller allegedly allayed their concerns with false statements that he held a money-transmitter license, that investor funds were secured by a surety bond, and that investor funds were insured by the Federal Deposit Insurance Corporation (FDIC).
Another of Fuller’s promises was that his company would use proprietary AI-based trading bots to engage in high-frequency arbitrage trading on...
The content on this page is not written by Polity.org.za, but is supplied by third parties. This content does not constitute news reporting by Polity.org.za. The Speaker of the National Assembly, ...