Strum v. Mardam-Bey

CourtDistrict Court, District of Columbia
DecidedFebruary 4, 2025
DocketCivil Action No. 2024-0401
StatusPublished

This text of Strum v. Mardam-Bey (Strum v. Mardam-Bey) is published on Counsel Stack Legal Research, covering District Court, District of Columbia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Strum v. Mardam-Bey, (D.D.C. 2025).

Opinion

UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLUMBIA

JONATHAN D. STRUM et al.,

Plaintiffs,

v. Civil Action No. 24-401 (TJK) IBRAHIM MARDAM-BEY et al.,

Defendants.

MEMORANDUM OPINION

When Jonathan Strum sent $50,000 to Ibrahim Mardam-Bey, he allegedly thought he was

investing in a cryptocurrency fund. Mardam-Bey and his LLC, Merchant Edge, had marketed that

investment opportunity to Strum and others. Eventually, Mardam-Bey proposed a transaction

structure that would help Strum avoid some problems he had encountered when first trying to

invest. Mardam-Bey and Merchant Edge would set up an entity that could receive Strum’s money

and then invest it into the cryptocurrency fund for Strum. In 2022, Mardam-Bey told Strum that

this investment plan had been approved, and Strum transferred $50,000 to Mardam-Bey’s personal

account.

Strum says that money never reached the cryptocurrency fund. Instead, he alleges that

Mardam-Bey and Merchant Edge used it as they pleased for personal and business expenses before

returning $30,000. Seeking relief in D.C. Superior Court, Strum sued those two and several other

entities in early 2024. The defendants removed the case, and Strum amended his complaint to

bring six state-law claims against only Mardam-Bey and Merchant Edge. Moving to dismiss, those

remaining defendants argue that the amended complaint falters on jurisdictional grounds and on

the merits. But the Court has subject-matter jurisdiction over this case, and most—though not all—of Strum’s claims are plausible. So the Court will grant in part and deny in part the motion

to dismiss.

I. Background

According to the amended complaint, in mid-2020, Ibrahim Mardam-Bey and Merchant

Edge LLC—a “capital advisory firm” over which Mardam-Bey, as the chief executive officer,

“exercises total dominion and control”—began promoting “Alphemy US Fund I LP” (“AUSF”),

which would “feed[]” into a cryptocurrency investment fund called “Alphemy Master Fund.” ECF

No. 19 (“Am. Compl.”) ¶¶ 3, 6, 8, 10, 21. Those promotional efforts reached Jonathan Strum. 1

Specifically, Mardam-Bey allegedly gave Strum “webinars” about investing in AUSF, solicited

funds from him, and sent AUSF documents to him. Id. ¶ 16.

Strum and Mardam-Bey have a history that predates the AUSF pitch. According to Strum,

Mardam-Bey owed him over $500,000 “in promissory notes” that Mardam-Bey and his wife never

paid, which led to a previous lawsuit in D.C. Superior Court. Am. Compl. ¶ 23. This alleged debt

prompted the proposed AUSF investment; if Strum held units in that fund, Mardam-Bey “would

transfer [u]nits in [AUSF] in settlement of” Strum’s claims at the end of the fund’s term. Id. ¶ 24.

Although Strum tried to invest by sending $50,000 to “MS Stover,” that entity (or individual;

Strum does not say) returned the money because of an “SEC action against Strum in 2018.” Id.

¶ 26. Mardam-Bey then offered another idea: he “and/or Merchant Edge” could “set up a limited

liability corporation or limited [p]artnership to invest in AUSF.” Id. ¶ 27. Later, Mardam-Bey

told Strum that “MS Stover and Alphemy Capital” had approved an investment structure along

those lines that would utilize “LP1,” an entity established by Mardam-Bey and Merchant Edge

1 Strum sues individually and as trustee of the JDS SEP 2021 Trust, “a simplified employee pension” that he established “as a self-directed IRA.” Am. Compl. ¶ 2. For readability, and be- cause nothing turns on the distinction, the Court refers only to “Strum.”

2 that would receive smaller investments and then invest those funds in AUSF. Id. ¶ 29. In May

2022, Mardam-Bey “frequently told” Strum “that the time was right for an investment in crypto”

and that he should do so through LP1. Id. ¶ 30.

Strum did just that—or so he thought. On May 27, 2022, Strum “caused the JDS Trust to

transfer $50,000” to Mardam-Bey’s “personal account . . . for the purpose of investing in AUSF

through” LP1. Am. Compl. ¶ 31. But, according to Strum, LP1 did not exist. Id. ¶ 33. Instead,

Mardam-Bey and Merchant Edge allegedly “converted” Strum’s $50,000 “for their own purposes”

without ever trying to invest in AUSF. Id. ¶¶ 33–34. Those purposes, Strum says, included sup-

porting Mardam-Bey’s “international lifestyle”—for example, attending the 2022 World Cup in

Qatar—and “Merchant Edge’s ongoing operations.” Id. ¶ 33.

Strum suspected something was off when Mardam-Bey and Merchant Edge refused his

requests for “documents and updates” on the status of the AUSF investment. Am. Compl. ¶ 32.

So he has “sought return” of the funds “since the summer of 2022.” Id. ¶ 36. Sometime over the

next several months, Mardam-Bey returned $15,000 through a Merchant Edge account. Id. ¶¶ 37,

42. But Strum suffered a stroke in February 2023, which he attributes to the “failure to return” his

funds—a failure that caused him “tremendous mental anguish” and “emotional distress.” Id. ¶ 37.

Despite knowing about these struggles, Mardam-Bey and Merchant Edge purportedly returned

only another $15,000 after the stroke. Id. ¶¶ 44, 53.

In early 2024, Strum sued several parties in D.C. Superior Court: Mardam-Bey, Merchant

Edge, Alphemy Capital, AUSF, and Alphemy General Partners. See ECF No. 1-1 at 3–4. Citing

diversity jurisdiction under 28 U.S.C. § 1332, the three Alphemy defendants—with the consent of

Mardam-Bey and Merchant Edge—removed the case to federal court. See ECF No. 1 at 1, 3, 8.

Strum and the JDS trust, they explained, were citizens of Washington, D.C. Id. at 4. And every

3 defendant was a citizen of a different state (or was a citizen of a foreign country). Id. at 4–7. As

relevant here, the removal notice explained that Mardam-Bey was a citizen of Maryland or Leba-

non and that Merchant Edge—as an LLC whose only members are Mardam-Bey and his wife—

was a citizen of Maryland, Lebanon, “and/or” Tanzania (where Mardam-Bey’s wife is “currently

on assignment”). Id. at 4–5. Nor was there a problem with the amount-in-controversy require-

ment; Strum easily cleared $75,000 because he sought $50,000 in compensatory damages,

$1,000,000 in special damages, and $10,000,000 in punitive damages. Id. at 8.

Strum dismissed the case against the Alphemy defendants in March 2024, leaving only

Mardam-Bey and Merchant Edge (“Defendants”). See ECF No. 18. He then filed an amended

complaint bringing six state-law claims against those two: breach of contract (Count I); unjust

enrichment (Count II); fraud (Count III); conspiracy to commit fraud (Count IV); intentional in-

fliction of emotional distress (Count V); and conversion (Count VI). See Am. Compl. ¶¶ 49–79.

Defendants move to dismiss every claim—at least in part, as explained below.

II. Legal Standards

A plaintiff must establish the Court’s subject-matter jurisdiction to survive a motion to

dismiss under Federal Rule of Civil Procedure 12(b)(1). Arpaio v. Obama, 797 F.3d 11, 19 (D.C.

Cir. 2015). The Court “assume[s] the truth of all material factual allegations in the complaint and

‘construe[s] the complaint liberally, granting plaintiff the benefit of all inferences that can be de-

rived from the facts alleged,’ . . .

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