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Home News

US SEC Charges Al-Naji in Crypto Scam

July 30, 2024
Reading Time: 2 mins read
in News
US SEC Charges Al-Naji in Crypto Scam

The US Securities and Exchange Commission (SEC) has charged Nader Al-Naji with orchestrating a multi-million-dollar fraud involving the cryptocurrency platform BitClout and its token, BTCLT. The SEC’s complaint alleges that since November 2020, Al-Naji raised over $257 million through unregistered sales of BTCLT while falsely assuring investors that the funds would not be used for personal gain. Instead, Al-Naji reportedly spent more than $7 million on personal expenses, including luxury real estate and cash gifts.

Al-Naji is accused of misleading investors by portraying BitClout as a decentralized project with no controlling entity, using the pseudonym “Diamondhands” to reinforce this false narrative. He allegedly sought to evade regulatory scrutiny by securing a legal opinion that BTCLT would not be considered a security, while secretly admitting to certain investors that this was a tactic to avoid legal compliance.

The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York, charges Al-Naji with violating both the registration and anti-fraud provisions of federal securities laws. The complaint also includes his wife, mother, and related entities as relief defendants for the funds Al-Naji allegedly transferred to them.

In addition to the SEC’s civil charges, the U.S. Attorney’s Office for the Southern District of New York has announced parallel criminal charges against Al-Naji. The SEC’s investigation, led by Geoff Gettinger and assisted by Sejal Bhakta and Pasha Salimi, highlights the agency’s commitment to holding individuals accountable for deceptive practices in the cryptocurrency market.

Reference:

  • Securities and Exchange Commission Charges Al-Naji With $257M Crypto Fraud Scheme
Tags: CryptocurrencyCyber NewsCyber News 2024Cyber threatsJuly 2024ScamsSECSecurities and Exchange Commission
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