A Manhattan federal judge has ruled that Longfin — a now defunct firm whose shares surged 1000% in 2017 after it bought an undervalued crypto company — must repay $223 million plus interest to investors over alleged securities fraud.
In a July 29 order, Judge Denise Cote determined the nine-figure sum is collectively owed by Longfin, its chief executive Venkata Meenaalli, CTO Vivek Ratakonda, and the director of two related companies, Suresh Tammineedi.