The US Securities and Exchange Commission (SEC) has filed charges against the Tingo Group CEO Dozy Mmobuosi with fraud allegations.
The SEC also charged three companies of which Dozy is CEO with 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 with violating anti-fraud provisions of federal securities laws and Nasdaq reporting and internal controls.
The SEC had imposed a two-week suspension on trading in Tingo Group’s securities on November 14 following investigations.
The SEC also alleges that 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 that Mmobuosi made material misrepresentations about their business operations and financial success and misappropriated funds for his benefit.
What they say
“Mmobuosi and the entities he controls have fraudulently obtained hundreds of millions of money or property through these schemes“, according to the SEC announcement.
What happens next?
The SEC is seeking emergency relief by freezing Mmobuosi’s assets and prohibiting the three companies from transferring money or property or issuing stock to Mmobuosi.
The SEC is also seeking an injunction restraining the defendants from selling or disposing of their respective holdings in Agri-Fintech or the Tingo Group and prohibiting them and their agents from destroying, altering or concealing records and documents.
Source: YahooNews and TechCabal
Follow us on our WhatsApp channel, Twitterand Instagramand subscribe to our weekly newsletter to make sure you don’t miss any news.
Related