The U.S. Securities and Exchange Commission (SEC) has charged a Texas resident in connection with an alleged multi-million dollar crypto asset fraud scheme, which raised approximately $12.3 million from approximately 150 investors.
According to a litigation release filed by the SEC on May 29, 2026, Nathan Fuller allegedly operated the scheme through Privvy Investments, LLC and related names including Gateway Digital Investments between at least October 2022 and mid-2024.
Supreme Education Council Allegedly Fuller appealed to investors with promises of extraordinary returns linked to his alleged artificial intelligence-based trading technology.
He allegedly claimed that “AI-based trading bots” would conduct high-frequency arbitrage trades in cryptocurrency markets and that investors could see returns of 40-50% within 30 to 45 days, with “guaranteed profits exceeding 100% in as little as 21 days.”
The complaint further alleges that those representations were false or misleading, and that Fuller’s trading systems “did not perform as represented.”
Instead, the SEC alleges that Fuller embezzled investor funds, using at least $6.2 million for personal expenses and about $5.5 million to make Ponzi-like payments to former investors in order to maintain the appearance of profitability.
The SEC also alleges that Fuller furthered the scheme by distributing false account statements and fabricated correspondence from fictitious entities, along with false assurances that investor funds were insured or insured.
The SEC’s complaint accuses Fuller of violating Sections 5(a), 5(c) and 17(a) of the Securities Exchange Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5.
The agency is seeking permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties.
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