SEC Dismisses Civil Enforcement Action Against Nader Al-Naji

SEC Litigation Releases

Filed March 12th, 2026

Detected March 13th, 2026

Summary

The SEC announced the dismissal, with prejudice, of its civil enforcement action against Nader Al-Naji and several relief defendants. The dismissal is based on the specific facts and circumstances of the case, as outlined in a joint stipulation filed with the court. The case number is 1:24-cv-05738-JAV.

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What changed

The U.S. Securities and Exchange Commission (SEC) has filed a joint stipulation to dismiss its civil enforcement action against Nader Al-Naji and relief defendants Buse Desticioğlu Al-Naji, Joumana Bahouth Al-Naji, Intangible Holdings, LLC, Firestorm Media, LLC, Viridian City, LLC, and DeSo Foundation. The dismissal, with prejudice, is noted in Litigation Release No. 26499, filed on March 12, 2026, and pertains to Case No. 1:24-cv-05738-JAV in the Southern District of New York. The SEC stated that this decision was based on the particular facts and circumstances of this case and does not reflect its position on other cases.

This action signifies the closure of the SEC's enforcement case against the named defendants. For compliance officers, this means no further action or monitoring is required concerning this specific SEC enforcement action. The dismissal is with prejudice, meaning the SEC cannot refile the same charges against these parties. No compliance deadlines or new requirements are imposed by this release.

Source document (simplified)

Nader Al-Naji, Buse Desticioğlu Al-Naji, Joumana Bahouth Al-Naji, Intangible Holdings, LLC, Firestorm Media, LLC, Viridian City, LLC, and DeSo Foundation

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26499 / March 12, 2026

Securities and Exchange Commission v. Al-Naji, Case No. 1:24-cv-05738-JAV (S.D.N.Y. filed July 30, 2024)

SEC Announces Dismissal of Civil Enforcement Action Against Nader Al-Naji and Relief Defendants

The Securities and Exchange Commission today filed a joint stipulation with Defendant Nader Al-Naji and Relief Defendants Buse Desticioğlu Al-Naji, Joumana Bahouth Al-Naji, Intangible Holdings, LLC, Firestorm Media, LLC, Viridian City, LLC, and DeSo Foundation to dismiss, with prejudice, the Commission’s civil enforcement action against them.

As stated in the joint stipulation, the Commission’s decision to exercise its discretion and seek dismissal of this litigation is based on the particular facts and circumstances of this case and “does not necessarily reflect the Commission’s position on any other case.”