Longfin CEO Reaches $400,000 Settlement With SEC Over Fraud Charges

The U.S. Securities and Exchange Commission (SEC) has reached a settlement with fintech firm Longfin’s CEO, Venkata S. Meenavalli, on charges of fraud.

According to an SEC press release Friday, Meenavalli has agreed to pay $400,000 in both disgorgement and penalties related to a 2017 Regulation A+ offering the SEC deemed fraudulent. Longfin delisted from the Nasdaq in May 2018 and shut down the following November.

As CoinDesk reported in October 2019, the SEC alleged Longfin lied to potential investors relating to its public offering and Nasdaq listing, concluding with a $3.5 million disgorgement and $3.2 million fine.

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