By CCN: The “crypto” startup Longfin Corp. got spanked by both the SEC and the DOJ for fraud amid a broader regulatory crackdown on bitcoin-related financial crimes. Specifically, Longfin’s CEO, Venkata Meenavalli, is accused of inflating the company’s revenue by $66 million in order to fraudulently secure a listing on the Nasdaq in 2017. Prosecutors Say Longfin Cooked the Books The Securities and Exchange Commission also accused Longfin executives of insider trading, saying they illegally sold $33 million of stock in unregistered transactions. While the screaming headlines suggest that the Longfin fraud is tied to bitcoin, in reality, the company
The post Bitcoin in Crosshairs as SEC & DOJ Drop Hammer on Crypto Firm Longfin appeared first on CCN
from CCN http://bit.ly/2HXjCC4
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