SEC v. Srinivas Koneru

Srinivas Koneru allegedly engaged in a fraudulent scheme in connection with the November 2020 business combination of Koneru’s then-private company, Triterras Fintech Pte. Ltd., with Netfin Acquisition Corp. Koneru allegedly represented through communications with investors and his approval of public filings that Kratos had onboarded ten lending funds to the Trade Finance module of its platform and that the volume of financing by lenders in the module totaled $1.1 billion. Koneru allegedly also directed that some of these loans be added to Kratos after the fact, creating the false impression that those loans originated on the platform. Following the business combination, Koneru, through communications with investors and his approval of Triterras public filings, continued to make misleading statements to the investing public that touted Kratos’s Trade Finance module volume while concealing material facts. According to the SEC’s complaint, Netfin and Triterras investors suffered substantial losses.

Summary generated from official Securities and Exchange Commission press release