• Home
  • About
  • Webcasts
  • ‘Enforcement 40’ for 2020
  • Enforcement Hall of Fame
  • Contact
Securities Docket
FTI 480x60
  • Class Actions
  • Criminal
  • Global
  • People
  • SD Insider
  • SEC
  • Video
  • Subscribe by email
  • Subscribe
Browse: Home / 2020 / January / 04 / Longfin CEO Settles Fraud Action

Longfin CEO Settles Fraud Action

By Securities Docket on January 4, 2020, 10:52 am

The Securities and Exchange Commission today announced that Longfin Corp. CEO Venkata S. Meenavalli has agreed to pay $400,000 in disgorgement and penalties to resolve the SEC’s fraud action against him.  The settlement, which remains subject to court approval, concludes the SEC’s actions against Longfin, its CEO, and three other individuals in which the SEC has secured over $26 million of ill-gotten gains.  The SEC intends to establish a Fair Fund to distribute money received from the defendants to harmed investors.

The SEC’s complaint alleged that Longfin and Meenavalli obtained qualification for a Regulation A+ offering by falsely representing in public filings that the company was managed and operated in the U.S.  According to the complaint, Longfin and Meenavalli then distributed over 400,000 Longfin shares to Meenavalli’s affiliates, and misrepresented the offering to Nasdaq in order to meet its listing requirements.  The complaint also alleged that more than 90 percent of Longfin’s reported revenue for 2017 was fictitiously derived from sham commodities transactions.

via SEC.gov | Longfin CEO Settles Fraud Action.

Blog Widget by LinkWithin

Posted in SEC, Top | Tagged Fraud

« Previous Next »

‘Enforcement 40’ for 2020

Securities-Docket_Medium-Rectangle_CaseStudyArrow

Our Sponsors

Securities-Docket_260x125_14Sec Ankura 260x125

Join Us On LinkedIn

Join the Securities Litigation and Enforcement Group on LinkedIn

Archives

Copyright © 2021 Securities Docket.

Powered by WordPress and Hybrid.