US Charges Nigerian Businessman with Fraud

US Charges Nigerian Businessman with Fraud

The United States Securities and Exchange Commission (SEC) has accused Tingo Group Inc., a Nigerian business, of committing fraud. The SEC claims that Tingo Group lied about having $461.7 million in its Nigerian bank accounts when it only had $50.

The Charges

The SEC has filed charges against Mmobuosi Banye, also known as Dozy Mmobuosi and three affiliated US-based entities. Mmobuosi is the CEO of Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc. The charges are related to an alleged scheme to deceive investors by inflating the financial performance of these companies.

Fabricated Financial Statements

The SEC alleges that Mmobuosi and his companies fabricated financial statements and other documents to deceive investors. They made false claims about their business operations and financial success in press releases, SEC filings, and other public statements. For example, Tingo Group reported having $461.7 million in its Nigerian bank accounts, but the actual balance was less than $50.

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Fraudulent Activities

The SEC claims that Mmobuosi and his companies fraudulently obtained hundreds of millions of dollars through these schemes. Mmobuosi used the funds for personal expenses, such as luxury cars, private jet travel, and an unsuccessful attempt to acquire an English Premier League football team.

Legal Action

The SEC has filed a complaint in the U.S. District Court for the Southern District of New York. The four defendants are being charged with violating the anti-fraud provisions of the federal securities laws. Mmobuosi is also facing charges of lying to auditors, insider trading, and failing to disclose the sales of Agri-Fintech common stock.

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