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SEC Drops Lawsuit Against BitClout Founder Nader Al-Naji, Ending $257 Million Financing Case
Summary: According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) has dropped the civil enforcement lawsuit against BitClout founder Nader Al-Naji. A joint filing submitted to the court on March 12 revealed that the SEC and Al-Naji agreed to terminate the case, which will be permanently closed, and the regulatory agency cannot bring the same ...
According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) has dropped the civil enforcement lawsuit against BitClout founder Nader Al-Naji. A joint filing submitted to the court on March 12 revealed that the SEC and Al-Naji agreed to terminate the case, which will be permanently closed, and the regulatory agency cannot bring the same charges again. The SEC stated that this decision was based on the specific facts and circumstances of the case. It was reported that the SEC had sued Al-Naji in July 2024, accusing him of telecommunications fraud and selling unregistered securities through the encrypted social network project BitClout (later associated with the decentralized social blockchain DeSo). Allegedly, he raised around $257 million by selling the native token BTCLT and was suspected of using over $7 million of investor funds for personal expenses, including renting a mansion in Beverly Hills.
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Link: SEC Drops Lawsuit Against BitClout Founder Nader Al-Naji, Ending $257 Million Financing Case [Copy]
