Texas Man Charged in $12.3M Crypto Investment Fraud Scheme
The US Securities and Exchange Commission (SEC) has charged Nathan Fuller, a Texas resident, with running a multi-million dollar crypto investment fraud. The scheme allegedly defrauded 150 investors out of $12.3 million over nearly two years. Authorities claim Fuller used false promises of high returns to lure victims into his operation. Between October 2022 and mid-2024, Fuller operated a joint-venture crypto trading scheme under Privvy Investments LLC. He convinced investors to buy unregistered securities by guaranteeing extraordinary profits—some as high as 40%-50% within 30 days, or even 100% in just 21 days.
Instead of generating returns, Fuller misused the funds. According to the SEC, he spent $6.2 million on personal expenses and diverted another $5.5 million to make Ponzi-like payments. These payments were used to keep earlier investors from suspecting fraud while the scheme continued. The SEC has now filed charges against Fuller for violating multiple securities laws. These include the unlawful sale of unregistered securities and fraudulent practices tied to the purchase or sale of investments. Regulators are pursuing permanent injunctions, restitution of ill-gotten gains with interest, and civil monetary penalties.
The case highlights ongoing risks in the crypto investment space, where fraudulent schemes continue to target unsuspecting investors. Fuller’s alleged actions occurred as the total crypto market cap stood at $2.48 trillion, down 9% over the past week. The SEC’s legal action will determine whether he faces financial penalties and permanent restrictions on future trading activities.
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