SEC Charges Fintech Tingo Chief With ‘Massive’ Fraud After Hindenburg Short Position

The United States Securities and Exchange Commission has said Tingo Group Inc. lied about having $461.7m in its subsidiary Tingo Mobile’s Nigerian bank accounts when it only had $50 in said accounts.

SEC announced this on Monday when it announced charges against the Mmobuosi Banye also known as Dozy Mmobuosi and three affiliated US-based entities of which he is the Chief Executive Officer — Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc.

According to the commission, 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.

SEC notes 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.


In a statement, SEC said, “The SEC’s complaint, filed on December 18, 2023, alleges that, since at least 2019, Mmobuosi spearheaded a scheme to fabricate financial statements and other documents of the three entities and their Nigerian operating subsidiaries, Tingo Mobile Limited and Tingo Foods PLC. The complaint further alleges that Mmobuosi made and caused the entities to make material misrepresentations about their business operations and financial success in press releases, periodic SEC filings, and other public statements


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