Defendant Name:
Tingo Group, Inc.
Defendant Type:
Public Company
Document Reference:
LR-25915
Document 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.
Document Name
SEC Obtains Emergency Relief Against Tingo Mobile Founder, Three Companies Charged with Massive Fraud
Document Date
19-Dec-2023
Document Format
Civil Proceeding
AAER
4479
Allegation Type
Issuer Reporting and Disclosure
Document Summary
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."
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."
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."
SEC Obtains Default Judgment and More than $250 Million in Monetary Relief Against Tingo Mobile Founder and Three U.S. Companies Charged with Massive Fraud
On August 29, 2024, the SEC stated that: " the U.S. District Court for the Southern District of New York entered
f
inal judgments against Mmobuosi Odogwu Banye a/k/a Dozy Mmobuosi and three
affiliated U.S.-based entities of which he was the CEO, in connection with a multi-year
scheme to inflate the financial performance metrics of his companies and key operating
subsidiaries to defraud investors worldwide."
Final Judgment by Default Against Defendants Mmobuosi Odogwu Banye, Tingo International Holdings, Inc., Agri-Fintech Holdings, Inc., and Tingo Group, Inc.
he Court stated: "Plaintiff Securities and Exchange Commission . . . filed a Complaint on December 18, 2023 against Defendants. . . . Defendants have failed to answer, plead, or otherwise defend this action; . . . the Clerk of Court entered a Clerk's Certificate of Default Judgment against Defendants on June 18, 2024[.]"
Other Defendants in Action:
