Tingo Inc (TMNA): "Astonishing Audit Failure": SEC Charges...

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Thursday, 12/21/2023 11:52:11 AM

Thursday, December 21, 2023 11:52:11 AM

"Astonishing Audit Failure": SEC Charges Tingo Group With "Massive Fraud"
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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