SEC FREEZE OF LONGFIN STOCK SALES: The Securities and Exchange Commission announced on Friday it has obtained a court order freezing more than $27M in trading proceeds from allegedly illegal distributions and sales of restricted shares of Longfin (LFIN) stock involving the company, its chief executive officer, and three other affiliated individuals According to the SEC's complaint, Longfin's founding CEO and controlling shareholder, Venkata Meenavalli, caused the company to issue more than two million unregistered, restricted shares to Altahawi, who was the corporate secretary and a director of Longfin, and tens of thousands of restricted shares to two other affiliated individuals, Penumarthi and Tammineedi, who were allegedly acting as nominees for Meenavalli. The subsequent sales of those restricted shares violated federal securities laws, said the SEC. Meanwhile, Longfin shares have been halted for additional information requested by Nasdaq.
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