The full SEC complaint against Tingo holds numerous gems. One is of particular interest to anyone that follows scams and SEC suspension. How often do we hear from pumpers and longs of suspended companies that the SEC recklessly suspends without any investigation, or the investigation begins only when the SEC suspends the stock? Or, even better, the 10 day suspension will allow the SEC to "give the company a clean bill of health" and it will quickly return to trading better than before.
Yeah, about that.
Hindenburg published their report on Tingo on June 6. The SEC suspension of Tingo was on November 13th. The SEC investigation actually began concurrent with the Hindenburg report. Hindenburg says they provide the regulators with the info before they publish, so it is certainly possible the SEC investigation began then, too. The complaint states:
"SEC staff issued multiple investigative subpoenas to Tingo Group, beginning in June 2023, and an investigative subpoena to Agri-Fintech in August 2023."
So, the next time some pumper claims the SEC doesn't start investigating a suspended company until they first suspend, show them that.
