SEC charges Nathan Fuller in $12.3M crypto Ponzi scheme targeting 150 investors

The US Securities and Exchange Commission (SEC) has charged Nathan Fuller with running a multi-million dollar crypto fraud. The scheme allegedly defrauded 150 investors through a fake joint-venture trading operation. Fuller now faces serious legal consequences for his actions. Between October 2022 and mid-2024, Fuller operated Privvy Investments LLC, promising investors extraordinary returns. He claimed gains of 40% to 50% within 30 days, with some offers reaching 100% in just 21 days. These unrealistic promises attracted $12.3 million from unsuspecting victims.

Instead of trading, Fuller misused the funds. He spent $6.2 million on personal expenses and diverted another $5.5 million to pay earlier investors—classic signs of a Ponzi scheme. The SEC has accused him of violating multiple securities laws, including Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933, as well as Section 10(b) of the Securities Exchange Act of 1934. The regulator is now pursuing permanent injunctions, restitution of all ill-gotten gains with interest, and heavy civil penalties. The case highlights ongoing risks in the crypto market, which has seen a 9% drop in total market cap over the past week, now valued at $2.48 trillion.

Fuller’s alleged fraud has left 150 investors out of pocket, with the SEC pushing for full financial recovery. If convicted, he could face severe penalties, including fines and a permanent ban from securities trading. The outcome of this case may serve as a warning to others in the volatile crypto sector.