June 5, 2019 / 8:00 PM / a year ago

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

June 5 (Reuters) - U.S. prosecutors on Wednesday said the chief executive of Longfin Corp 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)

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