The U.S. Securities and Exchange Commission (SEC) has filed charges against Tingo Group CEO Dozy Mmobuosi with fraud allegations.
The SEC also charged three companies of which Dozy is CEO, for inflating the financial performance of the companies and key subsidiaries to defraud investors.
Details
The SEC also charged Tingo Group, Agri-Fintech Holdings, and Tingo International Holdings for violating the anti-fraud provisions of the federal securities laws and Nasdaq reporting and internal controls.
The SEC had imposed a two-week suspension of trading in Tingo Group’s securities on November 14 following investigations.
The SEC is also alleging since at least 2019, Mmobuosi falsified financial statements and other documents of the three companies and their Nigerian units Tingo Mobile and Tingo Foods.
The complaint further alleges Mmobuosi made material misrepresentations about their business operations and financial success and siphoned off funds for his benefit.
What They’re Saying
“Mmobuosi and the entities he controls have fraudulently obtained hundreds of millions in money or property through these schemes,” the SEC statement said.
What Happens Next
The SEC is seeking emergency relief freezing Mmobuosi’s assets and prohibiting the three companies from transferring money or property or issuing shares to Mmobuosi.
The SEC also seeks an order preventing the defendants from selling or disposing of their respective holdings in Agri-Fintech or Tingo Group and prohibiting them and their agents from destroying, altering, or concealing records and documents.
Source: YahooNews and TechCabal
Catch up on news and other tidbits on our WhatsApp Community Page, Twitter/X, and subscribe to our weekly newsletter to ensure you don’t miss out on any news.
