Litigation Releases (Nathan Fuller)

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26558 / May 29, 2026

Securities and Exchange Commission v. Nathan Fuller, No. 4:26-cv-04237 (S.D. Tex. filed May 28, 2026)

SEC Charges Texas Resident in Alleged Multi-Million Dollar Crypto Asset Fraud Scheme

On May 28, 2026, the Securities and Exchange Commission charged Nathan Fuller, a resident of Cypress, Texas, in a crypto asset trading scheme in which Fuller allegedly raised approximately $12.3 million from about 150 investors based on various misrepresentations and omissions, including that he would use proprietary AI-based trading bots to engage in high-frequency arbitrage trading in crypto assets.

According to the SEC's complaint, from at least October 2022 through mid-2024, Fuller offered and sold joint-venture interests in a crypto asset trading scheme through his company, Privvy Investments, LLC, and under the assumed business names Privvy Investments and Gateway Digital Investments. As alleged, Fuller falsely promised some investors that their investments would generate returns of more than 40-50% within 30 to 45 days and falsely claimed that investors stood to make guaranteed profits exceeding 100% in as little as 21 days. Fuller allegedly made various misrepresentations to investors, including that he would use AI-based trading bots to engage in high-frequency arbitrage trading on crypto asset trading platforms, that investor funds were secured by a surety bond, insured by the FDIC, and protected by a professional-liability insurance policy. According to the complaint, Fuller's bots did not function as represented and Fuller misappropriated at least $6.2 million of investor funds for personal expenses, used approximately $5.5 million of investor funds to make Ponzi-like payments, and lulled investors using fake account statements and fabricated correspondence from phony entities.

The SEC's complaint, filed in the U.S. District Court for the Southern District of Texas, charges Fuller with violating Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC seeks permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties against Fuller.

The SEC's investigation was conducted by Carol Stumbaugh and staff in the SEC's Fort Worth Regional Office, supervised by Timothy S. McCole and Jaime Marinaro, with assistance from the Division of Enforcement's Cyber and Emerging Technologies Unit. The litigation will be led by Tyson Lies and supervised by Keefe Bernstein.