The commission noted that it is seeking emergency relief to prevent the defendants’ continued dissemination of materially false information to investors and to protect corporate and investor assets.
The United States Securities and Exchange Commission has sued the Chief Executive Officer (CEO) of Tingo Group Inc., Dozy Mmobuosi and his firms for allegedly lying about having $461.7 million in its subsidiary Tingo Mobile’s Nigerian bank accounts when it only had $50 in the said accounts.
The US SEC accused Mmobuosi and his firms of falsifying their GTBank, UBA financial statements and other documents for three Tingo Group subsidiaries, including Tingo Mobile and Tingo Foods Plc.
This was disclosed on Monday when the US SEC announced charges against Mmobuosi and three affiliated US-based entities including Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc., of which he is the CEO.
The commission said that Mmobuosi is being charged in connection with an alleged multi-year scheme to inflate the financial performance metrics of his companies and key operating subsidiaries to defraud investors worldwide.The commission noted that it is seeking emergency relief to prevent the defendants’ continued dissemination of materially false information to investors and to protect corporate and investor assets.
It further stated that its case is filed in the U.S. District Court for the Southern District of New York, and the four defendants are being charged with violating the anti-fraud provisions of the federal securities laws, adding that Mmobuosi was being charged with lying to auditors, insider trading, and failing to file Forms 4 disclosing the sales of millions of Agri-Fintech common stock for which he was the ultimate beneficial owner.
