Tingo Group Founder Hit by Hindenburg Now Charged Criminally
- Criminal charges follow SEC lawsuit against Dozy Mmobuosi
- Mmobuosi is still ‘at large,’ federal prosecutors in NY said
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The founder of financial technology company Tingo Group was charged with securities fraud in New York, accused of orchestrating a massive scheme to inflate the company’s finances.
Federal prosecutors said Mmobuosi Odogwu Banye, also known as Dozy Mmobuosi, artificially boosted financial statements to make Tingo and its subsidiaries appear cash-rich. He allegedly directed an employee to give false bank statements to Nasdaq to list Tingo Mobile shares on the exchange in 2020 and then generated millions of dollars in profit by selling shares at inflated prices, the US claimed.