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COINTURK NEWS > Cryptocurrency Law > SEC Files New Lawsuit Against Cryptocurrency Company
Cryptocurrency Law

SEC Files New Lawsuit Against Cryptocurrency Company

In Brief

  • Bitcoin price hit a daily low of $65,555.

  • SEC filed a new lawsuit against Nader Al-Naji for fraud.

  • Al-Naji allegedly misused over $7 million of investor funds for personal expenses.

COINTURK NEWS
COINTURK NEWS 12 months ago
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Bitcoin price reached its daily low a short while ago, hitting $65,555. At this moment, the SEC released a new lawsuit announcement. The Securities Regulator had paused filing new lawsuits against cryptocurrency companies for a while. However, with the November elections approaching, the SEC emphasizes its determination by not holding back on lawsuits.

SEC Cryptocurrency Lawsuit

Gensler, who has been tightening the noose on cryptocurrency companies, has now filed another lawsuit. In the announcement just received, Nader Al-Naji is accused of fraud. This lawsuit also accuses the BTCLT Token of being a fraudulent asset. The press release includes the following details;

“According to the SEC’s complaint, starting in November 2020, Al-Naji raised more than $257 million from unregistered token offerings and BTCLT sales while falsely telling investors that the proceeds would not be used to compensate himself or other BitClout employees. In reality, according to the complaint, Al-Naji spent more than $7 million of investor funds on personal expenses such as rental payments for a mansion in Beverly Hills and extravagant cash gifts to family members.”

SEC’s Director of Enforcement Gurbir S. Grewal said;

“As alleged in our complaint, Al-Naji tried to evade federal securities laws and defraud the investing public.”

This lawsuit also sends the message that you cannot deceive us with platforms disguised as decentralized.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 30 July, 2024 - 6:26 pm 30 July, 2024 - 6:26 pm
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