The Commission stated: "This action concerns over $27 million in unregistered distributions of Defendant Longfin securities in a public distribution by Longfin affiliates between December 2017 and February 2018."

The Commission stated: "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."

The Commission stated: "On May 1, 2018, a federal district court in Manhattan granted the Securities and Exchange Commission's motion for a preliminary injunction, extending until the conclusion of the case the emergency order previously entered by the court 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 Chief Executive Officer, Venkata S. Meenavalli, and three affiliated individuals, Andy Altahawi, Dorababu Penumarthi, and Suresh Tammineedi."

The Court stated: "It is hereby ordered, adjudged, and decreed that Defendant Longfin Corp. is permanently restrained and enjoined from violating Section 5 of the Securities Act of 1933 . . . It is hereby further ordered, adjudged, and decreed that Defendant is liable for a civil penalty of $284,139."