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JUST IN: U.S. Authorities Accuse Nigerian Entrepreneur And Companies Of Engaging In Multi-Million Dollar Fraud
JUST IN: U.S. Authorities Accuse Nigerian Entrepreneur And Companies Of Engaging In Multi-Million Dollar Fraud....KINDLY READ THE FULL STORY HERE▶
The United States Securities and Exchange Commission (SEC) has accused Tingo Group Inc. and its CEO, Mmobuosi Banye (also known as Dozy Mmobuosi), along with affiliated entities Agri-Fintech Holdings Inc. and Tingo International Holdings Inc., of engaging in a fraudulent scheme. The SEC alleges that Mmobuosi orchestrated a multi-year effort to artificially boost the financial performance metrics of his companies, deceiving investors on a global scale. CONTINUE READING:
The SEC, in a statement released on Monday, disclosed that Tingo Group Inc. provided false information about having $461.7 million in the Nigerian bank accounts of its subsidiary, Tingo Mobile, when in reality, the accounts held less than $50. The commission is seeking emergency relief to halt the dissemination of misleading information to investors and safeguard corporate and investor assets.
According to the SEC’s complaint filed on December 18, 2023, Mmobuosi is accused of fabricating financial statements and documents for the entities and their Nigerian subsidiaries, Tingo Mobile Limited and Tingo Foods PLC, since at least 2019. The complaint asserts that Mmobuosi, along with the entities under his control, made significant misrepresentations about their business operations and financial success through press releases, SEC filings, and other public statements.
One notable instance cited in the complaint is Tingo Group’s fiscal year 2022 Form 10-K, which reported a cash balance of $461.7 million in Tingo Mobile’s Nigerian bank accounts. In reality, the SEC alleges that the combined balance in those accounts was less than $50 by the end of fiscal year 2022. The complaint also contends that the defendants fabricated customer relationships as part of their purported business activities.
The SEC further claims that Mmobuosi and the affiliated entities fraudulently obtained hundreds of millions in money or property through these schemes. Mmobuosi is alleged to have misappropriated funds for personal benefits, including luxury car purchases, private jet travel, and an unsuccessful attempt to acquire an English Football Club Premier League team.
The SEC’s case has been filed in the U.S. District Court for the Southern District of New York, charging the four defendants with violating federal securities laws’ anti-fraud provisions. Additionally, Mmobuosi faces charges of 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.
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Source; Bushradiogist
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