Posted on 12/25/2023 7:42:19 AM PST by dynachrome
The Securities and Exchange Commission today announced that it obtained a temporary asset freeze, restraining order, and other emergency relief against Mmobuosi Odogwu Banye a/k/a Dozy Mmobuosi and three affiliated U.S. based entities of which he is the CEO 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 SEC’s complaint, filed on Dec. 18, 2023, alleges that, since at least 2019, Mmobuosi spearheaded a scheme to fabricate financial statements and other documents of the three entities, Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc. 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. For instance, Tingo Group’s fiscal year 2022 Form 10-K filed in March 2023 reported a cash and cash equivalent balance of $461.7 million in its subsidiary Tingo Mobile’s Nigerian bank accounts. In reality, those same bank accounts allegedly had a combined balance of less than $50 as of the end of fiscal year 2022. According to the SEC’s complaint, Defendants also fabricated the customer relationships that formed the basis of their purported businesses. The complaint alleges that Mmobuosi and the entities he controls have 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.
(Excerpt) Read more at sec.gov ...
Nigerian Mmobuosi Odogwu Banye a/k/a Dozy Mmobuosi is the CEO of three affiliated U.S. based entities. Tingo Group’s fiscal year 2022 Form 10-K filed in March 2023 reported a cash and
cash equivalent balance of $461.7 million in its subsidiary Tingo Mobile’s Nigerian bank accounts.
Those same Nigerian bank accounts allegedly had a combined balance of less than $50 as of the end of fiscal year 2022.
Nigerian math.
look at the 1 year chart and look what happened to the stock price on 6/6/2023
https://www.google.com/search?q=tingo+stock+price+chart
Was this a scheme to sell worthless investments, disappear the money, and cash out via bankruptcy?
I could afford a trillion shares—cool.
;-)
I see the SEC was right on it./s
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