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SEC moves on Longfin (LFIN) P&D

April 06, 2018 – Comments (2) | RELATED TICKERS: LFIN

SEC Obtains Emergency Freeze of $27 Million in Stock Sales of Purported Cryptocurrency Company Longfin

Washington D.C., April 6, 2018 — The Securities and Exchange Commission has obtained a court order freezing more than $27 million in trading proceeds from allegedly illegal distributions and sales of restricted shares of Longfin Corp. stock involving the company, its CEO, and three other affiliated individuals.

According to a complaint unsealed today in federal court in Manhattan, shortly after Longfin began trading on NASDAQ and announced the acquisition of a purported cryptocurrency business, its stock price rose dramatically and its market capitalization exceeded $3 billion. The SEC alleges that Amro Izzelden “Andy” Altahawi, Dorababu Penumarthi, and Suresh Tammineedi then illegally sold large blocks of their restricted Longfin shares to the public while the stock price was highly elevated. Through their sales, Altahawi, Penumarthi, and Tammineedi collectively reaped more than $27 million in profits.

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 that restrict trading in unregistered shares distributed to company affiliates.   [more]

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haiku vs. senryu

February 16, 2011 – Comments (2)

Rather than clutter the rapidly-growing complexity of FB’s contest blog, I am posting this separately.  As I prepared my guidelines for rating some of the haiku submitted (I know, too much free time), I found that some of the submittals to date were actually senryu.  A senryu is a three-line poem that is similar to a haiku.  Senryu deals with the foibles of human nature in a humorous or satirical manner.  [more]

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High Tech

December 29, 2010 – Comments (0)

The problem technology companies have is that there are always hundreds, if not thousands, of top-notch engineers working late each and every night, single-mindedly devoted to making your product obsolete.  RH   [more]

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Am I a jerk, Mr. Munger?

October 12, 2010 – Comments (2)

As I mentioned in an earlier comment, I was both shocked and fascinated when I heard this childish insult come out of Mr. Munger’s mouth.  It seemed so out of character for one of our country’s greatest capital allocators.  While I immensely respect both his studies and shared insights, I don’t elevate any individual to a god-like infallibility status, and I am drawn to examine his position.  But I’m not really thinking about the gold issue.  [more]

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Benjamin Roth

October 01, 2010 – Comments (2)

For any who may be interested.   [more]

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