U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 25915 / December 19, 2023
Accounting and Auditing Enforcement Release No. 4479 / December 19, 2023
Securities and Exchange Commission v. Dozy Mmobuosi, et al., Civil Action No. 23-civ-10928 (S.D.N.Y. filed December 18, 2023)
SEC Obtains Emergency Relief Against Tingo Mobile Founder, Three Companies Charged with Massive Fraud
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–Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc.–in connection with an alleged multi-year scheme to inflate the financial performance metrics of these companies and key operating subsidiaries to defraud investors worldwide.
According to the SEC’s complaint, filed on December 18, 2023, 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 SEC has obtained emergency relief including a temporary restraining order: (1) freezing Mmobuosi’s assets; (2) prohibiting TIH, OTC-traded Agri-Fintech and Nasdaq-listed Tingo Group from transferring money or property or issuing shares to Mmobuosi; (3) enjoining Defendants from selling or otherwise disposing of their respective holding in Agri-Fintech and/or Tingo Group stock; (4) prohibiting Defendants and their agents from destroying, altering, or concealing records and documents; and (5) ordering Defendants to show cause why a preliminary injunction continuing the relief set forth in any temporary restraining order as well as ordering repatriation of proceeds and a sworn accounting should not be entered.
The SEC’s ongoing investigation is being conducted by Michael DiBattista, Christopher Mele, David Zetlin-Jones, Jeremy Brandt, Stephen Johnson, Elizabeth Baier, Gerald Gross, and Rebecca Reilly under the supervision of Tejal D. Shah, all of the SEC’s New York Regional Office. The litigation is being led by Mr. Zetlin-Jones, Mr. DiBattista, and Mr. Brandt. The SEC appreciates the assistance of Nasdaq’s Enforcement Department, the U.K. Financial Conduct Authority, and the Israel Securities Authority.