SEC Sues Privvy Founder Nathan Fuller Over Alleged $12.3M Fake AI Trading-Bot Scheme

The U.S. SEC says it sued Texas entrepreneur Nathan Fuller after he allegedly raised $12.3 million from roughly 150 investors by marketing an “AI” crypto-arbitrage bot strategy that did not exist. The complaint says the fundraising ran from at least October 2022 through mid-2024, with only about $380,000 used to buy crypto and at least $6.2 million allegedly diverted for personal spending.