- Agency’s complaint filed in federal court in New York names founder and CEO, and three other affiliated persons, with violating federal securities laws
- LFIN voluntarily delisted its Class A common stock from Nasdaq exchange and began trading on the OTC market in May 2018
- Company had earlier acquired Ziddu.com, which develops smart contracts on the Ethereum blockchain, with the SEC terming it a ‘purported’ cryptocurrency business
A federal court in New York has frozen some $27 million of alleged illegal trading proceeds of stock in Longfin Corp. (OTC: LFIN) following a complaint filed by the SEC alleging that Venkata Meenavalli, company founder and CEO, and three other company affiliates had distributed or sold unregistered and restricted shares in violation of federal securities laws (http://ccw.fm/L1IgQ).
The SEC complaint also named Amro Izzelden Altahawi, Dorababu Penumarthi and Suresh Tammineedi. Altahawi was corporate secretary and director, the SEC said. Penumarthi and Tammineedi were allegedly company affiliates acting as nominees for Meenavalli. The agency charged in the original sealed filing on April 4 that Longfin and the four individuals allegedly violated securities law when they illegally distributed or sold large blocks of restricted shares. Collectively, the SEC said that Altahawi, Penumarthi and Tammineedi made…
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