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Well Mark has his inmate number
MARK ALDEN SCHENA
Register Number: 26292-111
Age: 60
Race: White
Sex: Male
NOT IN BOP CUSTODY
Release Date: UNKNOWN
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
Rumor from ST is they soldMorris because the workers wanted union benefits
Full docket text for document 28:
TEXT ORDER -- The Court is in receipt of the parties' joint request for an extension of time for Defendants to answer the Complaint until January 12, 2024 D.E. [27]. The request is hereby granted. So Ordered by Magistrate Judge Andre M. Espinosa on 12/8/2023. (spc)
I think RSM is the 6th largest accounting firm. There must be serious trouble at ALPP
Me too, but may the ostrich syndrome. I am not invested here, nor will, but JMO, there will be no liquidity events as the websites are not performing near what Ken says. More along what is posted in the posted in the lawsuit which numbers are pathetic. BTW, the doc I posted had over 170 views, I am sure some read it several times as it was lenghty. But will see what happens. The plaintiff had more interaction with Ken than anyone on this board.
OMG, late at night, but just realized you are the Failure CEO lmao
Glad you brought that up. Ask any question, be glad to answer. Although this is the HHSE board
Car dealerships typically get flooring credit lines to purchase vehicles and when sold they payoff the individual car loan. But with a unknown brand, no financial institution will provide a flooring line of credit, leaving Mullen to finance inventory for its dealers. Ford, Chrysler, GM cars are able to be easily liquidated, but a Mullen car, not so much.
LOL, is was a small deposit (100,000 oz's) with gold at $1,100/oz and $7 million dollars was needed upfront and that couldn't be raised. Not to mention the five years it would take to accomplish everything to get permitted. So why stay, everyone left. The mine engineer made the most money ($10k over 3 years) and the rest of us $6k over three years. Last comment on this issue, when we took over, the stock rarely trade, 400mm o/s and was at $.0004, I don't think it ever got above $.0015. And the amount of testing, sampling and design work was substantail. When we all left the o/s was 1.3 billion, now how much money was raised.Do the math. End of story.
Oh, btw, we were never sued, lmao
Like I said before, glad I irritate you. BTW your ignorance is showing, show me a junior exploration company that has revenues. And do some DD on the group that leased it ILST, world reknown geoligists. Finally maybe you can dig up some old pr's and presetations to see the technical report, 3D reserve modeling, and preliminary mine layout. SMH Moron
Anyone see someone to blame when the horse movie doesn't release on the 26th as prosied? Why does the Failure need All Channels? Anyone do any DD on the "major titles" that All Channels has released?
1.01-A. Major Studio / Streaming Venture for WILDFIRE feature. The Company entered into an agreement for All Channel Films to close and administer the North American streaming licensing of the WILDFIRE movie with a major studio partner. The participation of All Channel Films fulfills the requirement of utilizing known supplier with respect to liability and Errors and Omissions. Disclosure details of the distribution ventures, partners and licensors for the WILDFIRE movie will be withheld pending joint approval with these third-parties.
What CEO sold all his shares during the pump????
This is an interesting read, not sure if it has been posted before
https://www.scribd.com/document/697091799/Decentral-Life-Complaint
Another waste of time listenting to a webcast that features two guys stroking themselves but no biz
I am glad that I irritate you and the Failure so much.
The Failures just keeps embarassing himself. Has anyone heard of another pubco that experienced all the drama of accessing Edgar? Every little thing is a drama for the Failure. Will be interesting to ee how the horse movie does
My sympathies to you and your family, Anvil
I don’t comment much, but this squarely on Wilson. He F up big time.
It sounds like Alpine is a real mess and it’s going to take time to fix. Meanwhile we will see the results of the current garage sale, Morris et al.
Anyone know to who the company is selling the freshly harvested shrimp to? And will they frozen?
The company has generated $500k of cash flow for the first nine months resulting in a cash balance of $500k, The company has $1.4mm in receivables that they should be collecting and more than sufficient to paydown payables and provide more positive cash flow.
Here is an oldy but a goodie
https://www.scribd.com/document/337481529/HHSE-Felony-Pinochio
I have a iPhone 6s, that still works fine, but the battery sucks
That would be wrong, all the claims are going to trial
Good volume today, lol
I don't know, while its repetitive, there are nuggests of info on ST. I know I saw a pricing metric for live but cant find it now. It range from $29/mo to $129/mo for the serious streamers. Plus a $99 set up fee. But if you pay for year, they waive the set up fee
Just starting, the 3 amigos tried to get case dismissed, but judge said no. Now it goes to trial, discovery will be interesting and enlightening
THIS MATTER comes before the Court by way of Motions to Dismiss (the “Motions”)
filed by Defendants Mark L. Kay (“Kay”), Romarao Pemmaraju (“Pemmaraju”), and George
Waller (“Waller,” and together with Kay and Pemmaraju, “Defendants”), ECF No. 19, and
Nominal Defendant Zerify, Inc. (“Zerify” or the “Company”), ECF No. 22;
and it appearing that Plaintiff Constantino Zanfardino (“Plaintiff”) opposes the Motions,
ECF No. 20;
and it appearing that after considering the parties’ briefs, and for the reasons set forth in
the accompanying Opinion;
IT IS on this 28th day of November, 2023,
ORDERED that the Motions are GRANTED in part and DENIED in part; and it is further
It's not, most, if not all US based brokers wont let you buy a expert ticker, and you lose your 15c-311.
Half a decade later, after exhaustive development, Conery and Mangold say Trail Pass IPA and Trail Pass Golden are absolute triumphs, living up to Sierra Nevada’s guiding credo—“Purest Ingredients, Finest Quality”—which is still found on the label.
With Trail Pass, it all started with a key decision: to either brew the traditional way or opt for a de-alcoholization process, such as vacuum distillation. Using natural methods, they say, felt truer to the brewery’s craft values and, frankly, delivers a product that tastes like beer.
The failure just will blame the 3rd party as he nevers takes the blame. My guess the 3rd party won't provide services until they are paid.
This release today was very entertaining, Guess the Failure forgot that he needs audited fins and a minimum bid price of $01. I thought EPAC was doing the marketing for the horse movie. Wonder how he is coming along on the OK facility. No takes the Failure seriously, look at the volume. SMH
When they start buying affiliate companies, major red flag
JMO, I think old rory has a strategy. They are running out of money so make a big push for the holiday season, hope some company/fund buys Market Live for what ever money. On a parallel track, he needs to wait 90 days (the preference period) whereas in BK, his loan repayment can be clawed back.
If I were Schena, I would STFU. Take showers with other inmates and just realize you are going to be the new shiny thing for the first six months. Accept it. Not going to be pretty, but it is what it is. Stay away from the weights and all the tat gang members. Do the prison work outs, using a chair in the cell. Make friends with guy who hands out the books, read to keep your mind occupied. Admit you did wrong and think of ways you could do better. Realize you are in for a long stretch. Take advantage of of any medical advantage. No matter how it taste, which is poor, don’t neglect a healthy diet, force yourself to eat it.
The major point is to just mark off the days till you get out. Survival is the key.
I saw another micro brewery giving away a free pizza during the holidays, yeah that's expensive, but gets people in for their first time experience.
I don’t care about anyones perspective on GNCC, but to get off the expert market, the company needs to file 2 years of audited fins. Then to trade regularly, they need to get a sponsoring firm to file a 15c-211 and have it approved by Finra. Now, how many of Lumb’s companies have ever filed audited reports?
JMO, and stated previously, the gang got way over their ski’s. Ok, buy the mid-west facility, but let it remain dormant until Texas is up and running. Validate the tech works, make millions of sales, then attack to mid-west. These guys flew to close to the sun.