SEC sues Texas man for alleged involvement in $12.3 million cryptocurrency fraud BlockBeats News: On May 30th, the US Securities and Exchange Commission (SEC) announced a lawsuit against Texas resident Nathan Fuller, accusing him of fraud through a cryptocurrency trading project that raised approximately $12.3 million from around 150 investors. The SEC pointed out that Fuller sold related investment products to investors through entities such as Privvy Investments between October 2022 and mid-2024, and claimed to use self-developed AI trading robots for high-frequency arbitrage trading of encrypted assets. According to the indictment, Fuller promised investors a return of over 40% -50% within 30 to 45 days, and claimed that he could receive over 100% guaranteed returns in as early as 21 days. The SEC stated that the relevant AI trading robots did not operate as advertised, and Fuller misappropriated at least $6.2 million in investor funds for personal expenses and used approximately $5.5 million in funds for Ponzi scheme like payouts, while misleading investors by forging account statements and false documents. [Original link]