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

 U.S. charges Longfin CEO over alleged  million accounting fraud

(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 recognising 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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Updated Date: Jun 06, 2019 02:06:11 IST