The US Securities and Exchange Commission (SEC) has filed charges against Dozy Mmobuosi, the CEO of the dodgy Tingo Group, which has an office in Ghana.
Also included in the lawsuit are two other companies of which Dozy Mmobuosi is CEO – Agri-Fintech Holdings Inc, and Tingo International Holdings Inc.
The charges encompass a range of offences, including insider trading, providing false information to auditors, failure to disclose the sale of millions of common shares, and violations of internal controls.
Tingo Group gained public attention when Hindenburg Group, an American short seller, published an explosive report in June 2023, branding Tingo Group as an “exceptionally obvious scam with completely fabricated financials,” alleging that Tingo falsified reports about partnerships, projects, and expansions. Tingo denied the allegations, but the company’s share price crashed by 55% following the report.
In November, the SEC launched a formal investigation into Tingo Group, leading to the suspension of trading in the self-proclaimed agri-fintech company’s shares. It has now charged the company with fraud.
One notable misrepresentation involves Tingo Group reporting $461.7 million in cash and cash equivalents for the fiscal year 2022, while its actual bank accounts held less than $50.
Also Read: Tingo Group and CEO caught in alleged pack of fraudulent claims
