Former Tingo Group Interim Co-CEO Mmobuosi Indicted on Securities Fraud Charges
02 January 2024 - 10:10PM
Dow Jones News
By Ben Glickman
Tingo Group's founder and former interim co-chief executive Dozy
Mmobuosi has been indicted on charges of securities fraud, making
false filings and conspiracy.
The indictment, unsealed Tuesday by the U.S. Attorney's Office
for the Southern District of New York, alleges that Mmobuosi sought
to enrich himself by misrepresenting the company's profits and
business results.
Prosecutors say Mmobuosi, 45, caused Tingo Group, a fintech
company, to issue financial statements to the U.S. Securities and
Exchange Commission with false results. Prosecutors also allege
Mmobuosi then used cash from companies he ran and sold shares at
inflated prices.
Mmobuosi temporarily stepped down from his role with the company
after being named in a complaint by the SEC last month.
Prosecutors said Mmobuosi is still at large.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
January 02, 2024 16:55 ET (21:55 GMT)
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