The United States Attorney for the Southern District of New York,Damian Williams; and the Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (FBI), James Smith, have announced the unsealing of an Indictment charging Odogwu Banye Mmobuosi, a.k.a Dozy Mmobuosi, with securities fraud, making false filings with the Securities and Exchange Commission (SEC), and conspiracy charges.
“Mmobuosi is still at large,” the Indictment states.
In the Press statement released by the United States Attorney’s Office, Southern District of new York, FBI Assistant Director in Charge James Smith said: “Mmobuosi’s alleged fraud is an unseemly display of greed and corruption of our financial markets. Securities schemes like this can be devastating for victim investors. That’s why the FBI is committed to bringing financial fraud to light and perpetrators like Mmobuosi to justice.”
According to the allegations contained in the Indictment unsealed in Manhattan federal court and court filings:
From at least in or about 2019 through in or about 2023, Odogwu Banye Mmobuosi allegedly “orchestrated a scheme to enrich himself by falsely representing that Nigerian companies he founded, Tingo Mobile and Tingo Foods, were operational, profitable businesses generating hundreds of millions of dollars in revenue respectively.”
“Mmobuosi then sold Tingo Mobile and Tingo Foods to companies listed in the United States, including Tingo Group (listed on Nasdaq as TIO) and Agri-Fintech Holdings (traded in the Over-the-Counter Markets under symbol TMNA).
“As a result, Mmobuosi caused Tingo Group and Agri-Fintech to issue financial statements that falsely portrayed Tingo Mobile and Tingo Foods to be cash-rich, revenue-generating companies when, in fact, they were not.
“Mmobuosi then looted Tingo Group and Agri-Fintech by misappropriating cash from those companies and engaged in well-timed sales of their shares at inflated prices, generating millions of dollars of profits from his scheme,” the Indictment further stated.
Mmobuosi, 45, of Nigeria, has been charged with one count of conspiracy, which carries a maximum sentence of five years in prison, one count of securities fraud under Title 15, which carries a maximum sentence of 20 years in prison, and one count of making false filings with the SEC, which carries a maximum sentence of 20 years in prison.
The Indictment notes that the maximum potential sentences in this case are prescribed by Congress and are provided here for informational purpose only, as any sentencing of the defendant will be determined by a judge.
“The charges contained in the Indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty,” the statement added.
