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Now the DoJ complaint
Founder And Former CEO Of Tingo Companies Charged With Securities Fraud
deloitte is our story and we're sticking to it.
https://ih.advfn.com/stock-market/NASDAQ/tingo-TIO/stock-news/92926472/form-8-k-current-report
If you look at some of the exhibits on PACER, they did work extremely hard to make reviewing the business exceptionally difficult for the auditors, for example they claimed that because of the election they couldn't physically go into the Lagos office for much of the time that the auditors were in Nigeria to complete the work. Don't get me wrong Deloitte Israel 100% dropped the ball here massively but it's bizarre that given how combative the Tingo people were being during the audit, the red flags didn't raise more of an alarm.
That was certainly Dozy's plan. As for the others, when the supposed products don't exist, that is hard to conceal, once someone starts looking at more than SEC filings and press releases.
Yes it would make sense if TIO got included in some indexes automatically upon uplisting.
Apparently Deloitte dropped the ball by not actually reviewing TIO financials before their certification.
It sounds like this is a classic case of everyone else trusting everyone else to do the actual due diligence, and therefore, no one does any until Hindenburg shows up and laughs at the rubes.
That's what Tingo sells
People who trade this stuff might as well trade “fresh” cat dung.
Gimme a break - this was architected specifically as a fraud. I know way way way too much.
Coming back in sing sing
While I'm sure there're many honest and successful Nigerian businesses, the general reputation of the country suggests that a lot of questionable behavior takes place...
It’ll get busted to PINK and trade skull and crossbones and some INSPIRED small cap hucksters will try to say it’s coming back. It will never come back,
Everyone on the onside of this POS knew what was going on. Everyone. Period.
They claimed to have billions in revenue, all of this ESG crap going on - 10 million Nigerian farmers trading crops with their cell phones - but when looking for specific data you hit a brick wall - there was no underlying user metrics nor user data because THERE WERE NO USERS AT ALL.
Everyone know - absolutely everyone knew - you couldn’t not know, actually.
The marketers for the shift stock they were pitching were literally bragging about the sales they made.
Tons of bad actors. All known bad actors, actually.
I get a lot of scrap thrown across my desk and we had very extensive calls with management and came up with NOTHING every single time. Digging into all of the related parties pitching this POS it became obvious that “A Great Theft” was being architected by the same players. It smelled like fraud 2 years ago.
You’d be thinking wrong.
The funds who own TIO shares only own them because they “automatically” but companies as a percentage of total and the shitposting management team of this brazen fraud got everyone on the EQUITABLE train with the ESG bologna and then of course, it’s African so it hit all of the new-age boxes and they were automatically picked up for emerging growth indexes and etc…. With basically zero research done at all.
Yes they were all that dumb.
I view his podcasts whenever he posts a new one
Excellent explainer
thanks. that was entertaining.
He is Irish, Pat Boyle, that is, a former hedge fund manager and currently a finance professor and podcaster
He is very funny
Most shockingly: Dr. Dozy is not a doctor!
Patrick Boyle has weighed in with his take on Doctor Dozy
My understanding is that many "institutional" holders are in fact brokers holding shares on behalf of their clients, as per the clients' investment wishes.
If these institutions bought TIO shares for their own investments, under the delusion that it was a legitimate company, then hopefully the analysts who made the recommendations will be terminated. This will permit them to start much more productive careers as dollar general cashiers.
Yeah we should listen to the iHub moderators like you who think they are scam detectives but couldn't spot this one
GOT TO THROW THEM IN JAIL FOR BLATANT FRAUD
DTH thinks that they have particular talent of uncovering that certain 5m market cap OTC listed securities that trade 500 dollars of volume per day are scams.
Some of us are deadly accurate -
Why yes, yes as I matter of fact I do. BTW I love that you removed "exposing lying CEOs" from your iHub bio after massively dropping the ball here.
I think the TMNA BoD was just so strung along that the merger with MICT/TIO was going to go through and their 10s of millions of shares were going to make them mega rich
lol, good luck to him. I don't think Dozy is a very giving person.
He is also suing Dozy claiming he was not paid the entire time he was on the board.
The chairman of the board quit awhile back because Dozy wouldn't give him or the other (normal) board members information they requested. The SEC references that in the complaint.
So I think he's okay. Chris Cleverly? Maybe not so much.
When will all of their promoters and former “board members” go to jail?????
When will all of their promoters and former “board members” go to jail?????
The best part of the awards was that Tingo got to pick the 5 categories they were nominated for. "Fill the relevant sections providing required information. And the select the award categories your organization is applying for (each entry permits you to apply for 5 award categories. If you wish to enter for more than 5, you would require an extra application)."
So I find the choices they picked rather... tongue in cheek. Their entries were pretty funny too, their entry for Tingo Mobile, Tingo Mobile Fund for Female Farmers lost to... International Breweries Kickstart Entrepreneurship Initiative.
Yes. 1manband commented that they won in the wrong category:
Tingo also received nominations in four other award categories, including Best Company in Food Security, Poverty Reduction, Stakeholder Engagement, and Use of Storytelling/Communications. Other nominees for those awards included some of Africa’s, and the world’s, largest companies, including Nestle, Unilever, Dangote Sugar, Anheuser-Busch’s International Breweries, Fidelity Bank, Total Energies and Airtel.
Are you kidding me? The fools came out with this the same day the SEC published the lawsuit to the site.
Reminds me of an old Dinah Washington song- What A Difference A Day Makes.
https://ih.advfn.com/stock-market/NASDAQ/tingo-TIO/stock-news/92835779/tingo-group-wins-outstanding-new-entry-at-the
Yes, that will be interesting. More than 20 years ago, the Brits refused to extradite Leslie Grayling, who'd been indicted here in a mob case.
He repaid their kindness by running all kinds of scams there. I hope they remember that.
was this character based on him?
There's a trial ongoing, Bhogal v TIH where Dozy's lawyers are arguing that since he's Nigerian the laws of the United States don't apply to him. Interesting legal defense. Dozy spends all his time in the UK though, will be interesting if they cooperate on extradition.
Dozy is free to come to the States and take part in a real trial, if he wants. And if the DOJ gets involved, perhaps they'll extradite him.
Seemed like a big oversight to assume the SEC would never subpoena your bank records.
i think this is bordering criminal. a trial in absentia?
Isn't it? All of these people are really ballsy.
that IS funny.
I use the monikers PugDad and PugCap on other stock forums and Twitter. I've been a very outspoken about the fraud going on at Tingo for the past 8 or so months. Someone salty decided to create an account under the name PugDad on here and make bullish posts.
Hilarious Tingo press release:
Tingo Group Announces Interim Co-CEO to Temporarily Step Down by Mutual Agreement
December 20 2023 - 02:52PM
Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), has today announced that Mr. Dozy Mmobuosi has temporarily stepped down as Interim Co-Chief Executive Officer and Member of the Board of Directors in connection with an order sought by the Securities & Exchange Commission (the “SEC”) to prohibit him from acting as an officer or director of a public company. In addition, by mutual agreement with the Company’s Board of Directors, Mr. Mmobuosi will remain stood down until cleared of the allegations made against him.
Having completed a detailed investigation between June 2023 and August 30, 2023 into the allegations made against the Company by Hindenburg Research, which was carried out by the Company and legal counsel, the Company intends to vigorously defend itself in relation to the SEC complaint. The Company and its Board of Directors are in turn committed to undertaking further investigation and responding to the complaint, supported by leading legal counsel, while at the same time making every effort to protect the business and shareholder value and continuing to execute the Company’s growth plans.
Tingo will continue to operate, serving the farming cooperatives, their farmer members, and the Company’s other customers, many of whom are heavily reliant on Tingo and its services in support of their daily activities.
The Company’s other interim co-CEO, Mr. Ken Denos, will serve as its interim group CEO until further notice. In addition, the management of each group company will remain in their respective roles, with the aim of delivering business stability and continuity pending the outcome of this matter.
About Tingo Group
Tingo Group, Inc. (Nasdaq: TIO) is a global Fintech, Agri-Fintech, food processing and commodity trading group of companies with operations in Africa, Southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is a leading Agri-Fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a ‘device as a service’ smartphone and a value-added service platform. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing them with access to services including, among others, the Nwassa ‘seed-to-sale’ marketplace platform, insurance, micro-finance, and mobile phone and data top-up. Tingo Group’s other Tingo business verticals include: TingoPay, a SuperApp in partnership with Visa, offering a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food processing business that processes raw foods into finished products such as rice, groundnut oil, nut products, wheat, millet and maize; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China; and Magpie Securities, a regulated finance services Fintech business operating out of Hong Kong and Singapore, which, as relatively small businesses within the Company, are currently in the process of being reviewed and re-positioned. For more information visit tingogroup.com.
Disclaimer
The information in this news release includes certain information and statements about management and the Company’s board of directors’ view of future events, expectations, plans and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made with the SEC by the Company and: (i) the results of the independent review; (ii) the risk of restatement of the Company’s previously reported financial statements or the identification of one or more material weaknesses in internal control over financial reporting; (iii) costs relating to the independent review, which are likely to be material; (iv) the outcome of any legal proceedings that may be instituted against the Company, including as may result from the independent review and (v) the ability to meet stock exchange continued listing standards. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
https://ih.advfn.com/stock-market/NASDAQ/tingo-TIO/stock-news/92863063/tingo-group-announces-interim-co-ceo-to-temporaril
Yes. There are politics boards for that. Where it is being discussed.
Didn't even notice that. Well, if you're not a pumper then pugdad should try something different. Or maybe you.
This board got confusing fast.
Bud you are replying to a user who is impersonating me.
Put together, yes.
Business Crime & Financial Services
isn't that called money laundering?
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