SEC tok say dem charge $12.3M crypto fraud becos fake AI trading bots

U.S. SEC don charge Texas resident Nathan Fuller and accuse am for one crypto fraud wey dem claim raise about $12.3M from roughly 150 investors through Privvy Investments. SEC talk say the pitch use “AI trading bots” marketing and promise crazy high, short-cycle returns — 40%–50% in 30–45 days, and profits above 100% in about 21 days — plus palava talk to calm investors. For complaint wey dem file May 28 for federal court, SEC claim say Fuller misrepresent regulatory and fund-safety claims, say e get money-transmitter license, use surety bond, and claim FDIC insurance on investor funds — claims SEC say na false or misleading. SEC still talk say the “AI trading bots” no really exist or no dey work as dem claim (including alleged stop-loss/AI ability), and only about $380,000 (~3%) of investor money na wetin dem use buy digital assets, and e make no profit. SEC also allege say dem misuse at least $6.2M for personal spending and do “Ponzi-like” payouts using about $5.5M from new investor funds, while dem provide fake account statements and letters. SEC dey seek permanent injunctions, disgorgement with prejudgment interest, and civil penalties. For traders, this one na another enforcement case linked to “AI trading bots” yield claims — sign to look well any similar automation/guaranteed-return promotions because scam risk high.