SEC sues Texas man over $12.3 million alleged crypto scheme built on fake AI trading bots

Fuller allegedly diverted $6.2 million for personal use and $5.5M for Ponzi-like payments; only 3% of funds went to crypto trading.\nWhat to know : Texas man Nathan Fuller allegedly raised $12.3 million from 150 investors via a false AI crypto bot scheme promising up to 100% returns. Fuller allegedly diverted $6.2 million for personal use and $5.5M for Ponzi-like payments; only 3% of funds went to crypto trading. To cover losses, Fuller used fabricated statements and an AI-generated letter to fraudulently reassure investors.