TLDR Tech / Crypto
SEC Sues Privvy Founder Over $12.3M Crypto Scheme
The SEC has charged Texas resident Nathan Fuller with raising $12.3 million from roughly 150 investors through Privvy Investments by promising AI-powered trading bots capable of generating 40% to 100%+ returns in weeks (these were bots that did not exist). Fuller allegedly diverted $6.2 million for personal use, used $5.5 million for Ponzi-style payments to earlier investors, and put only 3% of funds toward actual crypto trading. The case follows a separate bankruptcy proceeding in which Fuller already admitted to operating Privvy as a Ponzi scheme and fabricating documentation. The SEC is now seeking permanent injunctions, disgorgement, and civil penalties.
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