SEC Nabs $26M From Longfin Affiliates Over Stock Sales

Law360 (June 10, 2019, 3:03 PM EDT) -- A New York federal judge has signed off on three settlements between the U.S. Securities and Exchange Commission and affiliates of the shuttered cryptocurrency company Longfin Corp., which agreed to pay roughly $26 million over allegedly illegal stock sales.

Andy Altahawi, Suresh Tammineedi and Dorababu Penumarthi neither admitted nor denied the regulator's allegations that they participated in a scheme with Longfin CEO Venkata Meenavalli to sell $33 million worth of unregistered shares and capitalize on a stock price surge Longfin experienced after acquiring blockchain technology company Ziddu.com.

However, they did agree to separate final judgment orders, approved Friday by U.S. District...

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New York Southern

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April 4, 2018

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