SEC Obtains Court Order Freezing $27 Million from Longfin Corp.’s (LFIN) Trading Proceeds

June 7, 2018 12:58:57
  • 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, 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 (

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…


About CryptoCurrencyWire

CryptoCurrencyWire (CCW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with CCW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled visibility, recognition and brand awareness. CCW is where news, content and information converge via Crypto.

For more information, please visit

Please see full terms of use and disclaimers on the CryptoCurrencyWire website applicable to all content provided by CCW, wherever published or re- published:

CryptoCurrencyWire (CCW)
New York, New York
212.418.1217 Office