U.S. charges Longfin CEO over alleged $66 mln accounting fraud

Longfin

05/06/2019 20:51

June 5 (Reuters) - U.S. prosecutors on Wednesday said the
chief executive of Longfin Corp  LFIN.PK  has been indicted for
allegedly orchestrating an accounting scheme to defraud
investors and others by recognizing more than $66 million of
fake revenue.
    Venkata Meenavalli, 49, of India, was charged with
securities fraud, according to U.S. Attorney Craig Carpenito in
New Jersey. The U.S. Securities and Exchange Commission filed a
new, related civil fraud action against Meenavalli and Longfin,
Carpenito said.

 (Reporting by Jonathan Stempel in New York
Editing by Susan Thomas)
 ((jon.stempel@thomsonreuters.com; +1 646 223 6317; Reuters
Messaging: jon.stempel.thomsonreuters.com@reuters.net))