Tingo Group Founder Faces Securities Fraud Charges in New York Amid Allegations of Financial Manipulation


The Tingo Group, a financial technology company, has been accused of securities fraud in New York.

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The founder, Mmobuosi Odogwu Banye, also known as Dozy Mmobuosi, allegedly engaged in a scheme to artificially inflate the company’s finances.

Federal prosecutors claim that he directed an employee to provide false bank statements to Nasdaq for the listing of Tingo Mobile shares, leading to substantial profits from selling shares at inflated prices.

The U.S. Securities and Exchange Commission (SEC) filed charges against Mmobuosi and Tingo Group, describing the fraud as “staggering.” Tingo reported a cash balance of $461.7 million in March, according to the SEC, while legitimate bank records showed less than $50.

Short seller Hindenburg Research previously accused Tingo of fraud, causing a significant drop in the company’s share price. Mmobuosi faces three charges, including making false filings with the SEC.

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