trending Market Intelligence /marketintelligence/en/news-insights/trending/XL1--LOrvjufMymU1waEVg2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Longfin CEO to pay $400,000 to settle SEC's fraud charges

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

Longfin CEO to pay $400,000 to settle SEC's fraud charges

Longfin Corp. CEO Venkata Meenavalli agreed to pay $400,000 in disgorgement and penalties to settle fraud charges brought by the SEC, according to a news release from the regulator.

The settlement, which is subject to court approval, concludes the SEC's actions against the company, Meenavalli and three other individuals, wherein the SEC has secured more than $26 million of ill-gotten gains.

The regulator alleged that Longfin and Meenavalli obtained qualification for a Regulation A+ offering by falsely representing in public filings that the company was managed and operated in the U.S. The SEC said Longfin and Meenavalli then distributed over 400,000 Longfin shares to Meenavalli's affiliates, and misrepresented the offering to Nasdaq in order to meet its listing requirements.

The complaint further stated that more than 90% of Longfin's reported revenue for 2017 was fictitiously derived from sham commodities transactions.

If approved, the settlement would require Meenavalli to disgorge his full salary received while acting as Longfin's CEO, amounting to $159,000, plus prejudgment interest of $9,000 and to pay a $232,000 civil penalty. The settlement would also require Meenavalli to surrender all his Longfin stock, permanently bar him from acting as an officer or director of a public company and enjoin him from participating in the offer or sale of penny stocks.

Meenavalli agreed to settle the charges without admitting or denying the SEC's allegations, according to the SEC.