United States SEC Charges Tingo CEO Mmobuosi With Fraud

The United States Securities and Exchange Commission (SEC) has filed fraud charges against businessman and CEO of Tingo Group, Dozy Mmobuosi.

Mmobuosi allegedly fabricated financial statements and other documents of Tingo Group and its subsidiaries, Tingo Mobile and Tingo Foods PLC.

The Nigerian businessman and all three of Tingo’s subsidiaries were listed as defendants in the case with charges ranging from insider trading, lying to auditors, and failing to disclose the sale of millions of common shares for which he was the ultimate beneficial owner and internal control violations.

The charges were announced one month after the SEC formally launched an investigation into Tingo Group’s dealings and activities.

Trading in the shares of the self-described agritech company has also been suspended.

Part of the SEC’s filing said, “Mmobuosi made and caused the entities to make material misrepresentations about their business operations and financial success in press releases, periodic SEC filings.”

According to SEC, Mmobuosi “fraudulently obtained hundreds of millions in money or property through these schemes, and that Mmobuosi has siphoned off funds for his personal benefit, including purchases of luxury cars and travel on private jets, as well as an unsuccessful attempt to acquire an English Football Club Premier League team, among other things.”