SEC Sues Texas Man for $12.3M Crypto Scheme Involving Fake AI Bots

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Nathan Fuller, a Texas resident, alleging he orchestrated a $12.3 million crypto investment scheme using false claims of AI-powered trading bots. According to CoinDesk, Fuller raised funds from approximately 150 investors, promising returns of up to 100% and insurance protections. However, the SEC claims only 3% of the funds were used for crypto trading, with Fuller allegedly diverting $6.2 million for personal use and $5.5 million for Ponzi-like payments. The SEC seeks permanent injunctions and penalties.