Defendant Name:
Tingo Group, Inc.
Defendant Type:
Public Company
SIC Code:
3670
CUSIP:
55328R10
Initial Case Details
Legal Case Name
SEC v. Mmobuosi Odogwu Banye (a/k/a Dozy Mmobuosi), Tingo Group, Inc., Agri-Fintech Holdings, Inc. (f/k/a Tingo Inc.), and Tingo International Holdings, Inc.
First Document Date
18-Dec-2023
Initial Filing Format
Civil Proceeding
Case Number
23-cv-10928
Allegation Type
Issuer Reporting and Disclosure
Federal District Court
New York, Southern District of New York
Violations Alleged
Additionally,
Mmobuosi Odogwu Banye is alleged to have aided and abetted Tingo Group, Inc.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Mmobuosi Odogwu Banye is alleged to have controlled Tingo Group, Inc.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Mmobuosi Odogwu Banye is alleged to have aided and abetted Tingo Group, Inc.'s violation of Rule 12b-20 of the Exchange Act.
Mmobuosi Odogwu Banye is alleged to have aided and abetted Tingo Group, Inc.'s violation of Sec 13(a) of the Exchange Act.
Mmobuosi Odogwu Banye is alleged to have aided and abetted Tingo Group, Inc.'s violation of Rule 13a-1 of the Exchange Act.
Mmobuosi Odogwu Banye is alleged to have aided and abetted Tingo Group, Inc.'s violation of Rule 13a-11 of the Exchange Act.
Mmobuosi Odogwu Banye is alleged to have aided and abetted Tingo Group, Inc.'s violation of Rule 13a-13 of the Exchange Act.
Mmobuosi Odogwu Banye is alleged to have aided and abetted Tingo Group, Inc.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Mmobuosi Odogwu Banye is alleged to have aided and abetted Tingo Group, Inc.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Mmobuosi Odogwu Banye is alleged to have aided and abetted Tingo Group, Inc.'s violation of Sec 17(a) (Not specified) of the Securities Act.
Resolutions
First Resolution Date
Related Documents:
Complaint
The SEC stated: "The SEC brings this action to halt an ongoing fraud carried out by three related
companies--Tingo International Holdings, Inc. ("TIH"), Agri-Fintech Holdings, Inc. ("AgriFintech"), and Tingo Group, Inc. ("Tingo Group")--orchestrated by their CEO, Mmobuosi
Odogwu Banye, a/k/a Dozy Mmobuosi ("Mmobuosi") (collectively "Defendants")."
SEC Charges Tingo Mobile Founder, Three Companies with Massive Fraud and Seeks Emergency Relief
On December 18, 2023, the SEC " announced charges 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. The SEC is seeking
emergency relief to prevent Defendants’ continued dissemination of materially false information to investors and to protect
corporate and investor assets."
SEC Obtains Emergency Relief Against Tingo Mobile Founder, Three Companies Charged with Massive Fraud
On December 19, 2023, the SEC stated 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."
2023-254
19-Dec-2023
Press Release--Civil Action
SEC Charges Tingo Mobile Founder, Three Companies with Massive Fraud and Obtains Emergency Relief; Businessman and his three companies engaged in a scheme to inflate revenues, profits, and cash balances by hundreds of millions of dollars
On December 19, 2023, the SEC " 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."
Other Defendants in Action:
