Defendant Name:
Mmobuosi Odogwu Banye
Defendant Type:
Individual
Document Reference:
court_doc79_23-cv-10928
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
Final Judgment by Default Against Defendants Mmobuosi Odogwu Banye, Tingo International Holdings, Inc., Agri-Fintech Holdings, Inc., and Tingo Group, Inc.
Document Date
28-Aug-2024
Document Format
Civil Proceeding
Case Number
23-cv-10928
Federal District Court
New York, Southern District of New York
Federal District Judge
Jesse M. Furman
Allegation Type
Issuer Reporting and Disclosure
Disgorgement & Penalty Information
Resolutions
Enjoinment
The Court ordered that "shares of stock in Agri-Fintech that Defendants TIH and Mmobuosi own or control be cancelled. . . . shares of stock in Tingo Group that Defendants Agri-Fintech and Mmobuosi own or control be cancelled;" "that Defendant Mmobuosi shall disgorge the $204,000,000 promissory note inuring to his benefit against Tingo Group due and payable on or before February 9, 2025 resulting from Mmobuosi’s sale of Tingo Foods, PLC to Tingo Group (the “Promissory Note”)."
Bars:
- Bar from acting as Director or Officer of a public company (of unspecified duration)
- Bar from participating in any penny stock offering (of permanent duration)
- Bar "from participating in the issuance, purchase, offer or sale of any security or engaging in activities for purposes of inducing or attempting to induce the purchase or sale of any security." (of permanent duration)
Monetary Penalties:
Disgorgement
Individual:
$27,632,627.93
Shared:
$156,672,705.86
Shared with: Tingo International Holdings, Inc.
Civil Penalty
Individual:
$31,908,704.21
Shared:
Pre-Judgment Interest
Individual:
$2,032,811.14
Shared:
$20,193,871.58
Shared with: Tingo International Holdings, Inc.
Disgorgement and prejudgment amounts jointly and severally
Individual:
Shared:
$12,738,682.90
Shared with: Agri-Fintech Holdings, Inc.
Other Defendants in Action:
