SEC formally sues Longfin, a “dummy blockchain company,” and Nasdaq has terminated its stock trading.

According to foreign media, the Securities and Exchange Commission (SEC) has formally filed a lawsuit against Longfin Corp. The SEC said that Longkata Corp. CEO Venkata Meenavalli and three other personnel were arrested for selling shares after the stock price rose in December last year. According to the relevant statement, Longfin has issued more than 2 million unregistered restricted stocks to Amro Altahawi, and issued tens of thousands of restricted stocks to Dorababu Penumarthi and Suresh Tammineedi. These three individuals appeared in the United States. List of litigation filed by the Securities and Exchange Commission. The U.S. Securities and Exchange Commission announced on Friday that they had obtained a court order to freeze over $27 million in trading profits for alleged illegal distribution and sale of Longfin Corp. stocks. Including the company, the company’s CEO and three other subsidiaries.

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