Longfin CEO agrees to $ 400,000 settlement of SEC's allegations of fraud against the company

According to The Block, Venkata Meenavalii, CEO of blockchain concept stock Longfin Corp. (LFIN: NASDAQ), has agreed to settle the US Securities and Exchange Commission (SEC) over allegations of fraudulent public offerings and forged revenue. According to a SEC statement on January 3, Venkata Meenavalii has agreed to pay a $ 400,000 recovery and fine, although the settlement is still pending court approval. If approved, Meenavalii will surrender the $ 159,000 he received as CEO of Longfin and pay $ 9,000 in pre-judgment interest and $ 232,000 in civil fines. According to regulators, settlement funds may be reallocated to the victim investors. Meanwhile, the U.S. Attorney's Office has continued to file separate criminal proceedings against Meenavalii. According to news in June 2019, the SEC accuses blockchain concept stock Longfin of listing Nasdaq by fraud.