, 4 tweets, 1 min read Read on Twitter
"..orchestrated a multimillion-dollar accounting fraud relating to Longfin Corp., a publicly traded company purportedly engaged in sophisticated commodities trading and so-called “cryptocurrency” transactions, including “blockchain-empowered solutions.”
justice.gov/usao-nj/pr/ceo…
"Longfin fraudulently reported in its public filings with the U.S. Securities and Exchange Commission (SEC) more than $66 million of revenue that was never actually earned and should never have been recognized."
"By including this phony revenue in the company’s public filings, Meenavalli and others made Longfin’s shares more attractive to potential investors."
"Separately, the U.S. Securities and Exchange Commission today filed a new fraud action against Longfin and Meenavalli for falsifying the company’s revenue and, together with a former Longfin consultant, for fraudulently securing the company’s listing on Nasdaq."
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