Tingo Inc (TMNA)

[shajandr]

Only the most blind, deaf, and dumb pennyvestors could nott see that Tingo was an obvious, blatant SCAM from the start.

Suckers getting suckered in another ridiculous Nigerian scam.

[TheFinalCD]

The $1 Billion Nigerian Company That Doesn't Exist

[shajandr]

jrf30
Wednesday, February 08, 2023 1:40:28 AM

"Anything goes lower than $0.34 in TMNA im buying "

It won't. At least not for more than a few minutes.

Just sayin' .... it won't get below $0.34 for the next week or two. wink Maybe never, if things go smoothly and we get a few more people in here.

Hahaha! Chuckles.

bar1080
Sunday, January 14, 2024 10:42:30 AM

"An exceptionally obvious scam with completely fabricated financials"

Tingo in a nutshell

https://www.zerohedge.com/markets/hindenburg-founder-warned-deloitte-5-months-over-tingos-massive-fraud-sec-doj-stepped

Soooo obvious!!

[Stock_Barber]

Hindenburg Founder Warned Deloitte 11 Times In 5 Months About Tingo's "Massive Fraud" Before SEC, DOJ Action
FRIDAY, JAN 12, 2024 - 12:40 PM

As we wrote back in December, the SEC charged publicly listed company Tingo Group, a Nigerian "agri-fintech" company with "massive fraud", claiming that almost every aspect of the company - including its partners and its financials - was fabricated. Short seller Hindenburg Research had written about the company on June 6, calling it "an exceptionally obvious scam with completely fabricated financials".

In a not-so-surprising development, the Department of Justice joined the party earlier this month, charging the company's founder and former CEO, Dozy Mmobuosi, with securities fraud, making false filings with the Securities and Exchange Commission, and conspiracy charges.

"Mmobuosi spearheaded a scheme to fabricate financial statements and other documents of the three entities, Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc. and their Nigerian operating subsidiaries," the SEC wrote in a release last month.

But in a slightly more surprising development, yesterday the short seller who originally pointed out concerns with Tingo released a tranche of 11 emails it had sent to Tingo's auditor, Deloitte, warning them about potential fraud at Tingo.

"Today, we are releasing 11 emails we sent to Deloitte's senior leaders, spanning nearly 5 months, that documented flagrant signs of fraud at Tingo Group, one of the most spectacular Big 4 audit failures of our time," Hindenburg Research founder Nathan Anderson wrote on X yesterday.

"Our letters pointed this out clearly and repeatedly, but Deloitte stood by and failed to act despite being presented with overwhelming evidence," he continued.

He then linked to all 11 emails which show Hindenburg clearly putting numerous people with Deloitte e-mail addresses on notice about Tingo. Anderson wrote in one email to the auditor:

As Warren Buffett once said: “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” Deloitte has an otherwise strong global reputation that it has earned through decades of difficult audit work—we hope to see the firm continue to protect its brand. We think this should have been obvious months ago, but better late than never.

'Deloitte’s audit work is meant to provide foundational comfort to investors that a company’s financial statements can be trusted. It is meant to be an investor’s first line of defense, yet Deloitte is tracking to be dead last in recognizing the issues at Tingo," he added.

"The lack of action by Deloitte in the face of overwhelming evidence has maximized the harm to prospective investors that continue to believe in Tingo’s obviously false financial statements."

"I am following up with new evidence that Deloitte Israel’s audit client, Tingo Group, continues to exhibit glaring red flags indicating that it has fabricated its financials," Anderson wrote in one email back in September 2023, while Tingo was still trading.

Then, weeks before Tingo shares were halted, Anderson wrote, alongside of compiled evidence of fraud: "Everything we have written to date is easily verifiable with the links made accessible in this series of salty emails. All of the above is easily verifiable through government and company provided data. Once again, despite the overwhelming evidence, Deloitte continues to stand behind the company’s crystal-clear lies in one of the worst displays of auditor gross negligence we have witnessed."

https://www.zerohedge.com/markets/hindenburg-founder-warned-deloitte-5-months-over-tingos-massive-fraud-sec-doj-stepped

[shajandr]

https://www.justice.gov/d9/2024-01/u.s._v._mmobuosi_indictment.pdf

[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?

You shure can pick these pennyscams!

https://www.justice.gov/usao-sdny/pr/founder-and-former-ceo-tingo-companies-charged-securities-fraud

[Stock_Barber]

Quite impressive! 🐷

[lucky, mydog]

that's nuthin. check out this 2 year split adjusted chart.

https://ih.advfn.com/stock-market/NASDAQ/mullen-automotive-MULN/chart/real-time

[Stock_Barber]

$6 to ZERO in under 2 years!

Anyone who missed Tingo's CEO being a scammer isn't very good at their job!

☠️

[PugCap]

I'm still proud that Downthehatch removed "exposing lying CEOs" from their bio

[lucky, mydog]

geez, that guy kinda slinked away, eh?

[Stock_Barber]

These Numbers are undeniable

Actually they were TOTALLY FALSE!

Should this really remain a sticky?

☠️

[PugCap]

Downthehatch was defending this scam!

[lucky, mydog]

you called it.

[Stock_Barber]

It isn't like the guy wasn't an OBVIOUS criminal!

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=170084713

What is strange is that I alerted that this company was a fraud over a year ago... and it took this long for the FBI to do something about it!

I have to say, if I had pumped Tingo I would apologize!

[lucky, mydog]

https://www.justice.gov/d9/2024-01/u.s._v._mmobuosi_indictment.pdf

[lucky, mydog]

Founder And Former CEO Of Tingo Companies Charged With Securities Fraud

https://www.justice.gov/usao-sdny/pr/founder-and-former-ceo-tingo-companies-charged-securities-fraud

[PugCap]

Ha, unfortunately I think that money is long gone. He spend like 8m dollars on wages for Sheffield United, 800k on his parties at the Dorchester Hotel, 125k to Akon, I forget how much he spent on luxury cars... list goes on

[lucky, mydog]

lololol. and he would do that why?

[JACKLUKE]

If Dozy transfers the $10m back to the TMNA bank acct that has $50 in it we will be golden again

[PugCap]

Dozy made an account with EFG Bank in Switzerland where he sold at least 10m shares of TMNA. RBC flagged the suspicious trading.

[snow]

Pug That is a credible explanation why the pps of TMNA stayed pretty flat for a period while the pps of TIO soared. This caused me to sell shares in TIO to buy shares in TMNA, which turned out to be very stupid. I could have quintupled my investment in TIO.

[PugCap]

C'mon fellow goobers, let's take down that ask wall! Best thing is from reading the SEC complaint is they were buying shares directly from Dozy Mmobuosi himself!

[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?

Adroit pennyvesting, Chuckles!

[zerohedge]

how totally not shocking

[janice shell]

I guess there is still a glimmer of hope here...

NO. There is not. This story is over, except that we'll probably learn even more about the machinations of Dozy and others as the case progresses.

And it's likely there'll be criminal proceedings as well.

[lucky, mydog]

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

[lucky, mydog]

did you read the sec complaint? there is nothing to operate. it's all make believe.

[JACKLUKE]

I guess there is still a glimmer of hope here.....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.

[PugCap]

"taking the shares from weak hands" ROFL

[bball71]

Yes I'm serious

[Stock_Barber]

Reminds me of a lower profile Spongetech...

Barber still 100% at sniffing out SCAMS early!

💯

[Stock_Barber]

It just keeps looking worse here...

Something is rotten in Denmark!

I posted this over a year ago!

🔮

[Stock_Barber]

"Astonishing Audit Failure": SEC Charges Tingo Group With "Massive Fraud"
Tyler Durden's Photo
BY TYLER DURDEN
THURSDAY, DEC 21, 2023 - 05:55 AM
The SEC charged Tingo Group, a Nigerian "agri-fintech" company with "massive fraud" this week, claiming that almost every aspect of the company - including its partners and its financials - was fabricated. Short seller Hindenburg Research had written about the company on June 6, calling it "an exceptionally obvious scam with completely fabricated financials".

In a release out Monday, the SEC announced that it obtained a temporary asset freeze, restraining order, and other emergency relief against the company's founder Dozy Mmobuosi for running an "alleged multi-year scheme to inflate the financial performance metrics of his companies and key operating subsidiaries to defraud investors worldwide".

"Mmobuosi spearheaded a scheme to fabricate financial statements and other documents of the three entities, Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc. and their Nigerian operating subsidiaries," the SEC wrote in a release earlier this week.

https://www.zerohedge.com/markets/astonishing-audit-failure-sec-charges-tingo-group-massive-fraud

[snow]

What impressed me about these impudent swindlers was how they performed during conference calls. My general impression was they were on top of a lot of detailed information and were generally able to reply very well to the questions posed. One person who raised a question after thesting the volume of activity of Nigerian farmers and it was extremely low. Dozy replied but I did not understand the details he mentioned in his reply. I now understand that this was a very revealing issue. A general fact the stock market should have attached much more importance to is that in practice companies face a lot of headwind in various ways. The African business never seemed to meet any problems!

[janice shell]

Well done!!

[Stock_Barber]

September of 22... They may have tapped my DD as a starter!

Not the first time!

[Stock_Barber]

How did that work out?

[janice shell]

Before the Hindenburg report back in June? Then you were very prescient indeed!

[Stock_Barber]

And yet, I was the only one here that caught it beforehand?

How is that?

🤷

[janice shell]

It was, however, a scam on a very large scale.

[Stock_Barber]

Tingo was never anything but a scam...

Note who promoted it... and what else they promote!

☠️

[janice shell]

Something mildly interesting:

Back in September 2021, Leslie Greyling's longtime associate Alex Lightman was a "related person" of Tingo, Inc (TMNA):

https://www.sec.gov/Archives/edgar/data/1648365/000132241021000112/xslFormDX01/primary_doc.xml

https://www.sec.gov/Archives/edgar/data/1648365/000132241021000108/xslFormDX01/primary_doc.xml

He seems subsequently to have ended his affiliation with the company, but it would be nice to know more. I have to do something else right now, but I'll take a further look over the weekend. But for now, there's also this:

https://www.sec.gov/edgar/search/#/q=%2522Alex%2520Lightman%2522

IWBB and TMNA are the same company. I wonder if Lightman had something to do with the change in control that brought Dozy to the table. But here we go:

Effective August 16, 2021, the Board appointed Mr. Dozy Mmbouosi, Mr. Christopher Cleverly, Dakshesh Patel, Mr. Adewale Adebayo, Mr. Onyekachi Onubogu, Mr. Derrick Randall, Ms. Leslie Kasumba and Mr. Alex Lightman as members of our Board of Directors.

https://www.sec.gov/Archives/edgar/data/1648365/000110465921114895/tm2127392d1_8ka.htm

And get a load of this astonishing bullshit:

Alex Lightman, age 59, is an award winning writer, entrepreneur, inventor, and advisor to governments and crypto projects. Mr. Lightman is a graduate of MIT Course I-A (Dept. of Civil and Environmental Engineering) and attended graduate school at MIT’s Sloan School and Harvard’s Kennedy School and Lund University in Sweden. Mr. Lightman was the recipient of the first Economist magazine Reader’s Award for “the innovation that will most radically change the world in the 2010s” on behalf of 4G wireless broadband. He also won the SGI VRML contest out of 800 entries, a best avatar contest, and a Johnson Foundation award as one of the USA’s ten most innovative educators. Mr. Lightman is founder and chairman of Keemoji, developer of mobile phone software to protect privacy and security that has signed over 100 B2B customers, founder and CEO of KeePay, developers of a platform for payments, tokens, and NFTs and an advisor to and developer of PKT.cash, a fork of Bitcoin that aims to help users monetize bandwith just as Uber helps monetize cars and AirBnB monetizes spare rooms. He is the leader of the team that created the PKT.cash route server (that is designed to allow almost anyone to create a virtual Internet Service Provider), the cjdns Wireguard, and Token Strike, which will allow creation of tokens, NFTs, and payment systems for KeePay and other users who want low-cost fast transactions. Mr. Lightman has been an advisor to dozens of crypto projects and authored 20 crypto white papers. He delivered over 50 crypto keynotes in dozens of countries and published 40+ articles on crypto. Most recently, he was one of two keynotes at AIBC in Dubai, May 26, 2021, the first big global crypto event since COVID19. The Board believes Mr. Lightman’s experience and knowledge will benefit the Company and make him a valuable member of the Board.

https://www.sec.gov/Archives/edgar/data/1648365/000110465921107246/tm2125362d1_8k.htm

And then he was gone:

On March 7, 2022, Alex Lightman resigned from his service on the registrant’s Board of Directors. Mr. Lightman had been appointed to the Board on August 16, 2021.

https://www.sec.gov/Archives/edgar/data/1648365/000110465922032003/tm228822d1_8k.htm

Both Lightman and Leslie Grayling appear in this filing for Alterola Biotech:

https://www.sec.gov/Archives/edgar/data/1442999/000166357721000259/abti10k.htm

Default judgment against Grayling in the SEC's suit against him:

https://www.sec.gov/files/litigation/litreleases/2023/judg25701-greyling.pdf

The lawsuit, brought in June 2022:

https://www.sec.gov/litigation/litreleases/lr-25414

https://www.sec.gov/files/litigation/complaints/2022/comp25414.pdf

[lucky, mydog]

he has been silent.

[Zorax]

Sorry, I should have said extremely rare they get a payout. What's also extremely common is how many people claim they're going to get one going.
... and then don't.

[Zorax]

Wonder if makenz may be looking over the shoulder?

[janice shell]

What? Class actions brought to benefit defrauded shareholders are extremely common. The problem with them is the victims get only pennies on the dollar.

[Zorax]

You would think. But sadly, common shareholder class actions are incredibly rare as commons are last in line or just plain eliminated in litigation.

[Zorax]

Get your SEC letter yet? Since the SEC started that new rule, they're going after the internet pumpers big time.
The public will get to see your real name in the tingo SEC/doj lawsuits...

Usually subpoena is at the top of the letter.

[snow]

lucky In my country my regular tax on income would have been reduced by some 38% based on the loss in selling TMNA shares.