MMOBUOSI then bought Tingo Mobile and Tingo Foods to firms listed in the United States, including Tingo Group (listed on Nasdaq as “TIO”) and Agri-Fintech Holdings (traded within the Over-the-Counter Markets underneath image “TMNA”). As a outcome, MMOBUOSI caused Tingo Group and Agri-Fintech to issue monetary statements that falsely portrayed Tingo Mobile and Tingo Foods to be cash-rich, revenue-generating firms when, actually, they weren’t. MMOBUOSI then looted Tingo Group and Agri-Fintech by misappropriating money from those companies and engaged in well-timed gross sales of their shares at inflated costs, generating millions of dollars of profits from his scheme. According to its website, Tingo Group “is the leading Agri-Fintech company working in Africa.” The firm says it presents app-based services to 32 million farmers world-wide with a ‘seed-to-sale’ marketplace platform, insurance coverage, micro-finance, and cell phone services. The SEC sued Tingo and two related firms in December, alleging they booked billions of dollars in fraudulent transactions by way of two Nigerian subsidiaries and reported hundreds of hundreds of thousands of dollars in pretend revenue and property. The regulator accused Tingo’s chief govt officer, Mmobuosi Odogwu Banye, of orchestrating the scheme. Tingo last week filed to delist its shares from the Nasdaq.
“Moments ago, a unanimous jury discovered Sung Kook ‘Bill’ Hwang and Patrick Halligan responsible of a large market manipulation scheme via the non-public funding agency Archegos. “Miles Guo, an exiled Chinese businessman and purported billionaire, openly operated a number of interrelated fraud schemes, all designed to fleece his loyal followers out of their hard-earned cash in order that Guo… Ben has substantial expertise counseling purchasers and negotiating on their behalf. At OPEXUS, he works to make sure the corporate isn’t just an adopter however a driver of change within the marketplace, negotiating how the corporate facilitates technological change.
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The Athletic did a chunk in February detailing all of the doubtful claims the company had made and several other embarrassing purple flags. The trigger was of course that Dozy Mmobuosi had the confidence to put himself on the market as a potential owner of a soccer club in England. They discovered that the corporate had unpaid money owed of as little as £257 which had then led to a court judgement in opposition to it. The whole factor is extra embarrassing than damning — no attempt appears to have been made to place up a good satisfactory ruse. A couple of months in the past, a pal requested me — in disbelief — how this firm might be a public firm in America. My clarification was that no one had yet found it value their time or effort to take the corporate down, yet.
The Nasdaq-listed Tingo Group Inc. (TIO) illustrates a modern expression of the practice. Ben obtained his Juris Doctor from Brooklyn Law School and a Bachelor of Arts in Philosophy from the University of Pittsburgh. He is a member of the New York State Bar and the District of Columbia Bar and is also admitted to apply in the Southern and Eastern Districts of New York. In his free time, Ben enjoys spending time with household and studying about cutting-edge science and expertise.
All these dealings prompted us to run our accounting manipulation detector over the company’s monetary statements and see what was underneath the hood. The firm first went public in August 2021 on the US OTC market via a reverse merger with a Thai firm that initially supposed to acquire a third-tier crypto exchange. In December 2022, the corporate entered the Nasdaq through another reverse merger with a listed Chinese fintech company. The company was renamed Tingo Group Inc and the ticker modified from MICT to TIO on February 27, 2023. This African agri-fintech firm attracted undesirable attention from quick sellers and US regulators after its co-chairman discovered himself unable to log out on one of many company’s annual financials and promptly resigned.
Tingo Group, Inc. is a worldwide Fintech and Agri-Fintech group of companies with operations in Africa, Southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is the main Agri-Fintech firm working in Africa, with a comprehensive portfolio of progressive products, including theporndude.onl/tingo a ‘device as a service’ smartphone and pre-loaded platform product. He additionally has a pet elephant, Dinky, who he brings with him to America. In modern instances the practice of tingo has prolonged beyond the country confines of Easter Island and is generally undertaken by the corporation.
