Society
No Partying Yet, As US Court Slams 250 Million Fine On Tingo Group CEO, Dozy Mmobuosi

In March, the US SEC froze his assets, as well as stopped Tingo and its subsidiaries from transferring money or property or issuing shares to Mmobuosi, and restricted the defendants from selling or otherwise disposing of their respective holding in Agri-Fintech and/or Tingo Group stock.
It was alleged that legitimate bank records from the company showed less than $50 in comparison to the $461.7 million it reported in one of its filings to the exchange where it traded its stocks.
“The judgments, entered on the basis of default, enjoin Mmobuosi, Tingo Group, Agri-Fintech Holdings, and Tingo International Holdings from violating the anti-fraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder,“ the SEC said.
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