In a groundbreaking revelation, Odogwu Banye Mmobuosi, also known as “Dozy Mmobuosi,” stands accused of orchestrating an elaborate securities fraud scheme, as announced by Damian Williams, the United States Attorney for the Southern District of New York, and James Smith, the Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (FBI).
The indictment unsealed in Manhattan federal court alleges that Mmobuosi masterminded a deceitful plan from approximately 2019 to 2023.
Central to the scheme was the false portrayal of Nigerian companies—Tingo Mobile and Tingo Foods—as lucrative operational entities, purportedly generating staggering revenues totalling hundreds of millions of dollars each.
Exploiting the misrepresented businesses, Mmobuosi proceeded to broker their sale to U.S.-based companies, including Tingo Group (traded on Nasdaq as “TIO”) and Agri-Fintech Holdings (traded under symbol “TMNA” in the Over-the-Counter Markets).
The sales resulted in the issuance of misleading financial statements by Tingo Group and Agri-Fintech, falsely representing the Nigerian companies as cash-rich revenue generators.
However, investigations reveal that these businesses were far from profitable as claimed.
Moreover, Mmobuosi is accused of embezzling funds from Tingo Group and Agri-Fintech while strategically timing the sale of their shares at inflated prices.
The alleged manipulation of stock prices allowed Mmobuosi to rake millions of dollars in illicit profits.
The charges levelled against Mmobuosi are weighty, encompassing one count of conspiracy, carrying a maximum sentence of five years imprisonment, one count of securities fraud with a potential sentence of up to 20 years, and one count of making false filings with the SEC, also carrying a maximum sentence of 20 years.
Acknowledging the severity of the allegations, FBI Assistant Director James Smith labelled Mmobuosi’s purported actions as an egregious display of greed and financial market corruption, potentially devastating for victim investors.
