Nathan_Fuller $12.3M Crypto Fraud

The United States — United States Securities and Exchange Commission>>> has charged Nathan Fuller>>>, a Texas resident, with orchestrating a $12.3 million crypto investment fraud. Operating under PKS Investments>>> and Gateway Digital Investments>>>, Nathan Fuller>>> allegedly raised funds from approximately 150 investors between October 2022 and mid-2024. He falsely promised guaranteed returns of 40% to 100% within short periods, claiming to use proprietary AI-based high-frequency arbitrage bots and that investments were protected by Nigeria — Nigeria Deposit Insurance Corporation>>> coverage and surety bonds. The United States — United States Securities and Exchange Commission>>>'s investigation revealed that only about 3% of the funds were used to purchase Tether (cryptocurrency)>>>, with no profits generated. Instead, Nathan Fuller>>> diverted at least $6.2 million for personal expenses, including a home, gambling, and travel, and used $5.5 million to make Ponzi-like payments to earlier investors. He also fabricated account statements and used AI to create a fake auditor's letter to conceal the deception. The United States — United States Securities and Exchange Commission>>> is seeking permanent injunctions, disgorgement of ill-gotten gains, and civil penalties. Separately, the United States — United States Department of Justice>>> reported that Nathan Fuller>>> was denied discharge of over $12.5 million in debt in a bankruptcy case after admitting to operating a Ponzi scheme.