SEC Charges Texas Man with Orchestrating $12.3 Million Cryptocurrency Scam

The Securities and Exchange Commission (SEC) has filed a lawsuit against Texas resident Nathan Fuller, alleging that he orchestrated a fraudulent cryptocurrency trading scheme. The scheme, which raised approximately $12.3 million from around 150 investors between October 2022 and mid-2024, promised triple-digit returns in weeks.

According to the SEC's complaint, Fuller marketed investment contracts that promised returns of over 40 to 50 percent within 30 to 45 days, and in some cases, guaranteed returns of more than 100 percent in as little as 21 days. However, regulators claim that Fuller misappropriated at least $6.2 million of investor funds for personal expenses, including luxury goods and travel.

The SEC also alleges that Fuller used approximately $5.5 million to make payouts to earlier investors, mimicking the classic flows of a Ponzi scheme. The complaint describes a pattern of forged account statements, fabricated documents, and false performance updates that were used to reassure investors and entice new victims.