US SEC charges Tingo Group Nigerian CEO, three companies with fraud | Reuters

The U.S. Securities and Exchange Commission (SEC) on Monday filed charges against Nigerian businessman Dozy Mmobuosi and three companies of which he is CEO, alleging they inflated the financial performance of the companies and key subsidiaries to defraud investors.

The SEC said in a statement that it filed charges in U.S. District Court in New York against Mmobuosi, who made headlines this year following a bid to buy an English premier league team. The SEC also charged Tingo Group, Agri-Fintech Holdings and Tingo International Holdings for violating the anti-fraud provisions of the federal securities laws and Nasdaq reporting and internal controls.

Tingo Group’s shares slumped in June after short-seller Hindenburg Research criticized its founder and alleged that the fintech firm had “fabricated” its financials.

Source: US SEC charges Tingo Group Nigerian CEO, three companies with fraud | Reuters