The complaint further notes that the SEC granted an A+ to Longfin’s Regulation based on the supposition that the company was principally managed and run out of the U.S., when in actuality the company’s operations, assets, and management were all offshore.
The SEC also accused Meenavalli of insider trading in the amount of more than two million unregistered, restricted shares to consultant Amro Altahawi, as well as five-figure quantities of restricted shares to individuals Dorababu Penumarthi and Suresh Tammineedi.
In April 2018, the SEC has charged Longfin and CEO Meenavalli with securities fraud and froze over $27 million in Longfin trading profits.
Image Source – Pixabay.com
bestadmin
