BitClout founder appears in court on Monday facing fraud charges and is released on bail

Odaily News BitClout founder Nader Al-Naji was arrested in Los Angeles last Saturday for wire fraud charges in New York. On Tuesday, federal regulators filed a civil lawsuit against him. He appeared in federal court in Los Angeles on Monday and was released on bail. (Fortune) Yesterday, BitClout founder Nader Al-Naji was charged by the U.S. Securities and Exchange Commission with a multi-million dollar fraudulent crypto asset scheme involving a social media platform called BitClout and its eponymous native token. The SEC said Al-Naji raised more than $257 million through unregistered BTCLT issuance and sales, while lying that the proceeds would not be used to compensate him or other BitClout employees. In fact, Al-Naji used more than $7 million of investor funds for personal expenses, such as paying rent for a Beverly Hills mansion and lavish cash gifts for his family.