Hindenburg Target Tingo Fails To Answer Sec Fraud Lawsuit

最后更新于：2024-09-03 22:36:30

Tingo Group, Inc. is a global Fintech and Agri-Fintech group of corporations with operations in Africa, Southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is the leading Agri-Fintech company working in Africa, with a complete portfolio of innovative products, together with a ‘device as a service’ smartphone and pre-loaded platform product. He also has a pet elephant, Dinky, who he brings with him to America. In trendy instances the practice of tingo has prolonged beyond the country confines of Easter Island and is generally undertaken by the company.

MMOBUOSI then sold Tingo Mobile and Tingo Foods to firms listed within the United States, together with Tingo Group (listed on Nasdaq as “TIO”) and Agri-Fintech Holdings (traded in the Over-the-Counter Markets underneath image “TMNA”). As a end result, MMOBUOSI triggered Tingo Group and Agri-Fintech to problem financial statements that falsely portrayed Tingo Mobile and Tingo Foods to be cash-rich, revenue-generating corporations when, in reality, they were not. MMOBUOSI then looted Tingo Group and Agri-Fintech by misappropriating cash from these corporations and engaged in well-timed sales of their shares at inflated costs, generating tens of millions of dollars of income from his scheme. According to its web site, Tingo Group “is the leading Agri-Fintech firm working in Africa.” The company says it presents app-based services to 32 million farmers world-wide with a ‘seed-to-sale’ marketplace platform, insurance, micro-finance, and cell phone companies. The SEC sued Tingo and two associated corporations in December, alleging they booked billions of dollars in fraudulent transactions through two Nigerian subsidiaries and reported hundreds of hundreds of thousands of dollars in faux revenue and belongings. The regulator accused Tingo’s chief govt officer, Mmobuosi Odogwu Banye, of orchestrating the scheme. Tingo final week filed to delist its shares from the Nasdaq.

“Moments in the past, a unanimous jury discovered Sung Kook ‘Bill’ Hwang and Patrick Halligan responsible of an enormous market manipulation scheme through the private investment firm Archegos. “Miles Guo, an exiled Chinese businessman and purported billionaire, brazenly operated several interrelated fraud schemes, all designed to fleece his loyal followers out of their hard-earned cash explore Tingo so that Guo… Ben has substantial expertise counseling purchasers and negotiating on their behalf. At OPEXUS, he works to make sure the corporate is not only an adopter however a driver of change in the market, negotiating how the corporate facilitates technological change.

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The Athletic did a piece in February detailing all the doubtful claims the company had made and several other embarrassing red flags. The trigger was of course that Dozy Mmobuosi had the boldness to place himself on the market as a potential owner of a football club in England. They discovered that the corporate had unpaid money owed of as little as £257 which had then led to a court docket judgement in opposition to it. The whole thing is more embarrassing than damning — no try appears to have been made to put up a fair satisfactory ruse. A couple of months ago, a pal requested me — in disbelief — how this company could possibly be a public firm in America. My rationalization was that nobody had but discovered it worth their time or effort to take the company down, yet.