Tingo Inc (TMNA)

[downthehatch]

Probably just enough to cover the legal fees of the lawyers who file the first certified class action lawsuit.

[PugCap]

The complaint has a long paper trail of where Dozy sold stock, including a Swiss bank account. Wonder how much they'll be able to recover.

[janice shell]

I doubt the company has any money at all, so that would be pointless.

[lucky, mydog]

sorry, but that is not going to happen. the worst that would happen is that a specific auditor could be fired and the company would be fined. that money never goes to shareholders.

[JACKLUKE]

At this point I don't care about my share of the less than $50 as of the end of fiscal year 2022....Deloitte...pay me.

[lucky, mydog]

really? where woulds you get money and from whom?

[JACKLUKE]

Class action suit is in order here

[janice shell]

It'll be interesting to hear what Deloitte will eventually have to say...

[downthehatch]

....including auditing firm Deloitte!

[shajandr]

[janice shell]

Amazing. Some people actually believed that junk.

[shajandr]

jrf30
Thursday, February 16, 2023 3:57:18 PM

Hey, I took out .3097, .3098 and most of .3101. ANyone else want to clear the last few before close?

Nice!

SEC Charges Tingo Mobile Founder, Three Companies with Massive Fraud and Seeks Emergency Relief

https://www.sec.gov/litigation/litreleases/lr-25913

The Securities and Exchange Commission today announced charges against Mmobuosi Odogwu Banye a/k/a Dozy Mmobuosi and three affiliated U.S.-based entities of which he is the CEO–Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc.–in connection with an alleged multi-year scheme to inflate the financial performance metrics of these companies and key operating subsidiaries to defraud investors worldwide. The SEC is seeking emergency relief to prevent Defendants’ continued dissemination of materially false information to investors and to protect corporate and investor assets.

The SEC’s complaint, filed on December 18, 2023, alleges that, since at least 2019, Mmobuosi spearheaded a scheme to fabricate financial statements and other documents of the three entities and their Nigerian operating subsidiaries, Tingo Mobile Limited and Tingo Foods PLC. The complaint further alleges that Mmobuosi made and caused the entities to make material misrepresentations about their business operations and financial success in press releases, periodic SEC filings, and other public statements. For instance, Tingo Group’s fiscal year 2022 Form 10-K filed in March 2023 reported a cash and cash equivalent balance of $461.7 million in its subsidiary Tingo Mobile’s Nigerian bank accounts. In reality, those same bank accounts allegedly had a combined balance of less than $50 as of the end of fiscal year 2022. According to the SEC’s complaint, Defendants also fabricated the customer relationships that formed the basis of their purported businesses. The complaint alleges that Mmobuosi and the entities he controls have fraudulently obtained hundreds of millions in money or property through these schemes, and that Mmobuosi has siphoned off funds for his personal benefit, including purchases of luxury cars and travel on private jets, as well as an unsuccessful attempt to acquire an English Football Club Premier League team, among other things.

The SEC’s complaint, filed in U.S. District Court for the Southern District of New York, charges all four Defendants with violating the anti-fraud provisions of the federal securities laws and additionally charges Nasdaq-listed Tingo Group, OTC-traded Agri-Fintech, and Mmobuosi with reporting, books and records, and internal controls violations. It also charges Mmobuosi with lying to auditors, insider trading, and failing to file Forms 4 disclosing the sales of millions of Agri-Fintech common stock for which he was the ultimate beneficial owner. The complaint seeks permanent injunctive relief, disgorgement of ill-gotten gains and prejudgment interest, civil penalties, and the return, pursuant to Section 304 of the Sarbanes-Oxley Act, of bonuses and profits obtained by Mmobuosi from sales of Tingo Group or Agri-Fintech stock. The complaint also seeks an order prohibiting Mmobuosi from acting as an officer or director of a public company or from participating in the offering of any penny stock.

As part of the SEC’s emergency application, the SEC seeks an order to show cause and other temporary and preliminary relief against Defendants, including a temporary restraining order: (1) freezing Mmobuosi’s assets; (2) prohibiting TIH, Agri-Fintech and Tingo Group from transferring money or property or issuing shares to Mmobuosi; (3) enjoining Defendants from selling or otherwise disposing of their respective holding in Agri-Fintech and/or Tingo Group stock; (4) prohibiting Defendants and their agents from destroying, altering, or concealing records and documents; and (5) ordering Defendants to show cause why a preliminary injunction continuing the relief set forth in any temporary restraining order as well as ordering repatriation of proceeds and a sworn accounting should not be entered.

The SEC’s ongoing investigation is being conducted by Michael DiBattista, Christopher Mele, David Zetlin-Jones, Jeremy Brandt, Stephen Johnson, Elizabeth Baier, Gerald Gross, and Rebecca Reilly under the supervision of Tejal D. Shah, all of the SEC’s New York Regional Office. The litigation is being led by Mr. Zetlin-Jones, Mr. DiBattista, and Mr. Brandt. The SEC appreciates the assistance of Nasdaq’s Enforcement Department.

[lucky, mydog]

lolol. all massive lies being spread.

[lucky, mydog]

The scope of the fraud is staggering.

https://www.sec.gov/files/litigation/complaints/2023/comp25913.pdf

[shajandr]

CONgrats! Anudder winner!

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173450699

Swindled in a Nigerian scam. Well done.

[lucky, mydog]

hopefully never.

[bosman]

When will this start trading again in the U.S.?

[Perfectson]

here's my favorite post to sum all of this up

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=172276279

[Perfectson]

i told yall this was chump juice. DawgTrading are you still bullish on this ?

[janice shell]

It really is madly funny. I missed it when it was written.

[shajandr]

This is my favorite post on this Bored:

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173221871

[snow]

janis shell

It is a fact that some shares trade in PRED. What are the implications of what you quote: "Accordingly, on September 28, 2021, the compliance date for the amendments to Rule 15c2-11, we expect that broker-dealers will no longer be able to publish proprietary quotations for the securities of any issuer for which there is no current and publicly available information, unless an existing exception to Rule 15c2-11 applies... "

What I find is no bid and asked prices but the prices of shares that have traded and the numbers traded. Is there a difference between PRED and TMNA is this regard, so that PRED is in a better position than TMNA?

[janice shell]

My impression is that only people who are qualified to be regarded as experts are allowed to buy shares in PRED and TMNA.

Your impression is incorrect. And for obviously reasons, "sophisticated" investors rarely want to buy junk that's been suspended by the SEC for suspected fraud.

Back in 2021, OTC Markets wanted to dedicate the "Expert Market"--its new name for the Grey Market--to something like that. They put a lot of pressure on the SEC to make it happen. But the SEC wasn't playing:

On December 22, 2020, the Commission issued notice of and requested comment on a proposed exemptive order that, if adopted, would grant a conditional exemption from Rule 15c2-11 for certain publications of broker-dealer quotations on an expert market operated by OTC Link LLC.[1]

This proposed order is not on the Chair’s agenda in the short term. Accordingly, on September 28, 2021, the compliance date for the amendments to Rule 15c2-11, we expect that broker-dealers will no longer be able to publish proprietary quotations for the securities of any issuer for which there is no current and publicly available information, unless an existing exception to Rule 15c2-11 applies...

https://www.sec.gov/news/public-statement/proposed-expert-market

I don't think anything's changed since then. It was a great disappointment to OTC Markets Group.

[snow]

lucky I am aware that ordinary retail customers cannot buy these stocks.

[lucky, mydog]

not sure how many experts there are on ihub but u.s. brokers prohibit their retail customers from buying.

[snow]

lucky mydog As far as I can see from a chart 0.8 million shares traded late in September in PRED. My impression is that only people who are qualified to be regarded as experts are allowed to buy shares in PRED and TMNA. I have not memorized those qualifications.

[lucky, mydog]

Trading is slow but occasionally a lot of shares change hands.

snow, you may be able to trade this because you are outside the u.s.. u.s. customers can not buy, they can only sell, if they even can.

[Stock_Barber]

The market it trades on isn't the problem...

The problem is the curtain was pulled back, and there is NOTHING behind it!

[snow]

Stock Barber "Warning! This security is traded on the Expert Market." Being on the Expert Market is not good at all but it is not being dead. Readers can check PRED, which is trading on the Expert Market. Some years ago the pps was above 5 dollars. Now it is 0.0001 dollar. Trading is slow but occasionally a lot of shares change hands.

[Stock_Barber]

Dead is dead...

I guess I should have said "why bother"?

[PugCap]

Technically the SEC suspension ended, that is why.

[Stock_Barber]

Thoughts on why they bothered?

[lucky, mydog]

no trades, but it's eligible.

https://www.dtcc.com/-/media/Files/pdf/2023/11/28/19323-23.pdf

[snow]

"TMNA
TINGO INC.
Common Stock
Overview
Quote
Company Profile
Security Details
News
Financials
Disclosure
Research

Warning! This security is eligible for Unsolicited Quotes Only
This stock is not eligible for proprietary broker-dealer quotations. All quotes in this stock reflect unsolicited customer orders. Unsolicited-Only stocks have a higher risk of wider spreads, increased volatility, and price dislocations. Investors may have difficulty selling this stock. An initial review by a broker-dealer under SEC Rule15c2-11 is required for brokers to publish competing quotes and provide continuous market making.

Warning! This security is traded on the Expert Market
The Expert Market® serves broker-dealer pricing and investor best execution needs. Quotations in Expert Market securities are restricted from public viewing. OTC Markets Group may designate securities for quoting on the Expert Market when it is not able to confirm that the company is making current information publicly available under SEC Rule 15c2-11, or when the security is otherwise restricted from public quoting. See additional information about the Expert Market here.

Warning! Caveat Emptor
OTC Markets Group has discontinued the public display of quotes for this security because it has been labeled Caveat Emptor (Buyer Beware). OTC Markets Group designates certain securities as “Caveat Emptor” and places a skull and crossbones icon next to the stock symbol when there may be reason for investors to exercise additional caution and perform thorough due diligence before making an investment decision in that security. View our other compliance designations to learn more about how we use data to flag risks and inform investors.

The Caveat Emptor Designation may be assigned when OTC Markets Group becomes aware of one or more of the following:

Promotion — The security is the subject of stock promotion that may be misleading or manipulative. Promotional activities may include news releases, spam email, and newsletters, whether they are published by the issuer or a third party. See OTC Markets Group's Policy on Stock Promotion.
Investigation of Fraud or Other Criminal Activities — There is an investigation or other indication of fraudulent or other criminal activity involving the company, its securities or insiders.
Suspension/Halt — A regulatory authority or an exchange has halted or suspended trading for public interest concerns (i.e. not a news or earnings halt).
Undisclosed Corporate Actions — The security or company is the subject of a corporate action, such as a reverse merger, stock split, or name change, without adequate current information being publicly available.
Other Public Interest Concern — OTC Markets Group has determined that there is a public interest concern regarding the security. Such concerns may include, but are not limited to, unusual or unexplained trading activity, spam or disruptive corporate actions, even when current information is publicly available.

OTC Markets Group will resume the public display quotes if we are able to confirm that the company is eligible to be designated as “Current Information” and believe that a public interest concern no longer exists. Investors are encouraged to use caution and due diligence in their investment decisions. Please read our Investor Protection page and OTC Markets Policy Regarding Caveat Emptor for more information.
Caveat Emptor Icon
Expert Market
Delinquent SEC Reporting IconDelinquent SEC Reporting
Caveat Emptor IconCaveat Emptor
Transfer Agent Verified IconTransfer Agent Verified
Independent Directors IconIndependent Directors"

The Expert Market is hardly a good place to trade. I think very few shares can be expected to trade and I would expect the pps to plunge dramatically. Time will show.

[Stock_Barber]

There are no shareholders of Tingo... just bagholders!

👜

[snow]

The following published by TIO about its owners may be of interest to the shareholders of TMNA?

Agri-Fintech Holdings, Inc. (formerly, Tingo, Inc.)(1) 39,826,483 13.92%
Altium Growth Fund, LP 35,486,026 12.4%
Darren Mercer 23,690,939 8.28%
Directors and Named Executive Officers
Darren Mercer 23,690,939 8.28%
Dozy Mmobuosi(1) 39,826,483 13.92%
John McMillan Scott(3) 720,000 *
Hao (Kevin) Chen(4) 330,000 *
Sir David Trippier(5) 200,000 *
Kenneth Denos(6) 45,000 *
John Brown(7) 170,000 *
Jamal Khurshid 50,000 *
C. Derek Campbell — —
Moran Amran(2) 487,500 *
Directors and executive officers as a group (9 persons)(8) 65,519,922 22.9%
____________

[PugCap]

Good thing @downthehatch was here "Exposing lying CEO's" ... sike!

[JACKLUKE]

Drawing at straws here but I read the suspension again and it specifically notes TIO-Tingo group and it's $s and communications. I do remember mths back when the "other guy" was in charge and the stock went, I believe, somewhere from where it is now to @ $6 or so and then plummetted back down there were posts about getting a lawyer involved and that a lawyer may have been assigned to take on cases of investors who feel they were swindled with TIO....do you think this is why the SEC is involved? I'm still holding on to a very slight hope that tmna will come out of this okay.

[lucky, mydog]

here is what the jackasses said for tio.

On November 13, 2023, the Securities and Exchange Commission announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange of 1934, of trading in the securities of the Company. The temporary suspension will expire at 11:59 p.m. (Eastern Standard Time) on November 28, 2023.
According to the order, the Securities and Exchange Commission temporarily suspended trading in the Company’s securities because of questions and concerns regarding the adequacy and accuracy of publicly available information in the marketplace concerning the Company, including (1) press releases, periodic filings with the Securities and Exchange Commission—including Forms 10-K, 10-Q, and 8-K—and other publicly disseminated statements, since at least May 10, 2022, about the financial statements and business operations of its then merger acquisition target and current wholly-owned subsidiary, Tingo Mobile Ltd.; and (2) press releases, periodic filings with the Securities and Exchange Commission—including Forms 10-K, 10-Q, and 8-K—and other publicly disseminated statements, since at least February 9, 2023, about the financial statements and business operations of its wholly-owned subsidiary, Tingo Foods PLC.
Upon being made aware on the morning of November 14, 2023 of an order issued by the Securities and Exchange Commission on November 13, 2023 announcing the temporary suspension of trading in the Company’s securities, the Company concluded it required additional time to evaluate the order.

[PugCap]

TMNA is completely worthless, sorry to say.

[lucky, mydog]

gullibility? greed? gross stupidity?

[Stock_Barber]

As a tmna shareholder we go one day thinking if we got 100k shares of tmna we will get @33k shares of tio valued anywhere from $22k-$25k depending on the pps

Well, sorry to say that anyone that is that naive kind of had it coming!

Sorry, but true...

[JACKLUKE]

As a tmna shareholder we go one day thinking if we got 100k shares of tmna we will get @33k shares of tio valued anywhere from $22k-$25k depending on the pps to....you lost the value of the 100K shares you purchased. Is that so? I guess we have to wait for SEC.

[janice shell]

And this is all they say:

Disclosure information relating to the Registrant cannot be analyzed and completed on a timely basis due to difficulties encountered in connection the Registrant’s decision to commence liquidation during the fourth quarter of 2023.

https://www.sec.gov/Archives/edgar/data/1648365/000171254323000082/nt10q_tmna09302023.htm

[Stock_Barber]

Reminds me of a lower profile Spongetech

I stated this here about Tingo over a year ago!

[PugCap]

TMNA filed an NT 10-Q this afternoon as well

[janice shell]

TMNA is also connected to Leslie Greyling, which is a very Bad Thing:

https://www.forbes.com/sites/brandonkochkodin/2023/08/01/trump-linked-stock-scammer-resurfaces-with-a-new-investment-idea/?sh=725ee107e6cb

[poster44ny]

Was that day today?

One of these days, very soon, these cheap shares will be gone, and we'll all be glad we bought all we could when they were on sale at less than .38/share.
I just grabbed a few more: put my order in at the ask of .3845, and it filled at .3751.

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 34-98921 / November 13, 2023
The Securities and Exchange Commission announced the temporary suspension, pursuant to
Section 12(k) of the Securities Exchange Act of 1934, of trading in the securities of Agri-Fintech
Holdings, Inc. (TMNA) (CIK No. 0001648365), of Draper, Utah at 4:00 a.m. EST on November
14, 2023 and terminating at 11:59 p.m. EST on November 28, 2023.

https://www.sec.gov/files/litigation/suspensions/2023/34-98921.pdf

[lucky, mydog]

both were suspended.

https://www.sec.gov/files/litigation/suspensions/2023/34-98921.pdf

https://www.sec.gov/files/litigation/suspensions/2023/34-98920.pdf

[poster44ny]

TIO I see was suspended. TMNA has no trades but a B/A. X0 for both though.
2 tickers for the same security. Is that a new one for scams?