Indicted Ex-Longfin CEO Will Pay $400K To End SEC Action

Law360 (January 3, 2020, 4:46 PM EST) -- The former CEO of shuttered cryptocurrency company Longfin Corp., still facing criminal charges in New Jersey, has agreed to pay $400,000 to escape the U.S. Securities and Exchange Commission's parallel civil charges of securities fraud in New York.

Venkata S. Meenavalli, who lives in India, neither admits nor denies the agency's allegations that his fintech company reported sham revenue and schemed to get the company listed on the Nasdaq stock exchange.

But in a consent filing signed last month and put before a New York federal judge on Friday, Meenavalli agreed to disgorge the $159,000 salary he received while acting as...

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