{"id":121608,"date":"2019-06-06T12:20:26","date_gmt":"2019-06-06T12:20:26","guid":{"rendered":"https:\/\/www.bnreport.com\/us-charges-ex-ceo-of-cryptocurrency-company-longfin-with-66-million-fraud\/"},"modified":"2019-06-06T12:20:26","modified_gmt":"2019-06-06T12:20:26","slug":"us-charges-ex-ceo-of-cryptocurrency-company-longfin-with-66-million-fraud","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/us-charges-ex-ceo-of-cryptocurrency-company-longfin-with-66-million-fraud\/","title":{"rendered":"US charges ex-CEO of cryptocurrency company Longfin with $66 million fraud"},"content":{"rendered":"

NEW YORK: US prosecutors said on Wednesday the former chief executive of Longfin<\/a> Corp has been indicted for engineering an accounting fraud that inflated the revenue of the now-defunct cryptocurrency<\/a> company by more than $66 million.<\/p>\n

The securities fraud charge against Venkata Meenavalli<\/a>, 49, of India, was announced 18 months after Longfin shares went on a roller-coaster ride as cryptocurrencies were coming into fashion, rising more than 13-fold over a few days and briefly making the company worth more than $3 billion.<\/p>\n

Prosecutors said Meenavalli generated fraudulent documents that caused Longfin to report as revenue millions of dollars of commodities "transactions" that were actually "sham, round-trip events" between the company and entities he controlled.<\/p>\n

US Attorney Craig Carpenito<\/a> in New Jersey said the more than $66 million of revenue should never have been recognized, and made Longfin shares look more attractive to investors.<\/p>\n

Longfin, which was based in New York and had offices in Lyndhurst, New Jersey, shut down last November.<\/p>\n

Meenavalli could not immediately be reached for comment, and a lawyer for him could not immediately be identified.<\/p>\n

A default judgment was entered in January against Meenavalli in a related US Securities and Exchange Commission civil case filed in April 2018 against him, Longfin and three associates.<\/p>\n

In that case, the SEC won a court order freezing $27 million of trading proceeds after accusing Veenamalli of arranging the issuance of Longfin shares to AndyRead More \u2013 Source<\/strong><\/a>
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ET Markets<\/a><\/h5>\n

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