Venkata S. Meenavalli, CEO of the cryptocurrency agency Longfin, has agreed to settle with the Securities and Change Fee (SEC) and pay $400,00zero in disgorgement and penalties, the SEC introduced on Friday (Jan. three).
The SEC charged that Longfin and Meenavalli falsified greater than 90 % of Longfin’s reported income for 2017 and made up different particulars within the firm’s IPO paperwork, the SEC mentioned in public filings.
Meenavalli agreed to settle the case with out admitting or denying the costs. The SEC is establishing a Honest Fund to distribute cash acquired to harmed traders.
“The SEC workers’s fast actions uncovered the complete scope of Meenavalli’s fraud and resulted in further financial and prophylactic reduction to forestall him from defrauding U.S. traders sooner or later,” mentioned Anita B. Bandy, affiliate director of the division of enforcement.
Regulators are shifting ahead with a…