SEC sues Texas man over $12.3 million alleged crypto scheme built on fake AI trading bots
The SEC has filed a lawsuit against Nathan Fuller, a Texas man, for allegedly orchestrating a $12.3 million cryptocurrency scheme involving fake AI trading bots. Fuller is accused of misappropriating investor funds for personal expenses and making Ponzi-like payments. The SEC seeks penalties and a ban on Fuller from participating in securities offerings.
- ▪Nathan Fuller allegedly raised $12.3 million from 150 investors through a fraudulent crypto investment scheme.
- ▪Only about 3% of the funds were used for actual cryptocurrency trading, while the majority was misappropriated for personal use and Ponzi-like payments.
- ▪The SEC is pursuing legal action against Fuller for violating federal securities laws and is seeking permanent injunctions and civil penalties.
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FinanceShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailSEC sues Texas man over $12.3 million alleged crypto scheme built on fake AI trading botsFuller allegedly diverted $6.2 million for personal use and $5.5M for Ponzi-like payments; only 3% of funds went to crypto trading.By Francisco Rodrigues, AI Boost May 30, 2026, 5:27 p.m. 2 min readMake preferred on (Jesse Hamilton/CoinDesk)What to know: Texas man Nathan Fuller allegedly raised $12.3 million from 150 investors via a false AI crypto bot scheme promising up to 100% returns.Fuller allegedly diverted $6.2 million for personal use and $5.5M for Ponzi-like payments; only 3% of funds went to crypto trading.To cover losses, Fuller used fabricated statements and an AI-generated letter to fraudulently reassure…
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