Dozy Mmobuosi, CEO of Tingo Group Inc., along with three U.S.-based companies under his control, was fined $250 million by the U.S. District Court for the Southern District of New York for scamming investors and inflating his companies’ financial performance.
The U.S. Securities and Exchange Commission (SEC) accused Mmobuosi of falsifying financial records for Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc., as well as their Nigerian subsidiaries.
One example cited by the SEC revealed that Tingo Group falsely claimed a $461.7 million cash balance in its Nigerian subsidiary’s accounts, while actual balances were less than $50. Mmobuosi used these fabricated records to mislead investors.
The court barred Mmobuosi from serving as a public company director and participating in securities transactions. He and his companies were ordered to pay substantial fines and disgorge assets, including shares and promissory notes.
