Dozy Mmobuosi, the founder of Tingo, has issued a robust response to the recent allegations of fraud brought forth by the United States Securities and Exchange Commission (SEC) against him and his affiliated companies.
In a statement released on Friday, Mmobuosi vehemently dismissed the accusations, labeling them as “untrue and baseless.”
The SEC had, on Monday, charged Mmobuosi and his three U.S.-based companies – Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc. – with fraud.
The charges, filed in the U.S. District Court for the Southern District of New York, allege a multi-year scheme to inflate the financial performance metrics of the companies and key subsidiaries to defraud investors worldwide.
Mmobuosi’s official statement, marking his first response since the SEC charges, expressed his determination to contest the allegations with unwavering resolve. He highlighted that, given the legal nature of the matter, he would refrain from public comments on the specifics of the case.
The Tingo founder’s statement read, “Mr. Mmobuosi wishes to make it unequivocally clear that these allegations are baseless and he will contest them with unwavering resolve. As this matter is currently under legal scrutiny, and following the advice of legal counsel, Mr. Mmobuosi will refrain from making any further public statements regarding this issue.”
Acknowledging the legal process, Mmobuosi intends to address and resolve the allegations within the appropriate legal framework. He emphasized his commitment to cooperate with the legal proceedings to ensure a thorough and fair examination of the facts, expressing confidence that such scrutiny would lead to his exoneration.
The SEC’s complaint not only charged all four Defendants, including Mmobuosi, with violating the anti-fraud provisions of the federal securities laws but also added charges of reporting, books and records, and internal controls violations against Nasdaq-listed Tingo Group, OTC-traded Agri-Fintech, and Mmobuosi.
In conclusion, Mmobuosi’s statement appealed for understanding from the media and the public during this challenging time, requesting respect for the legal process and the principles of justice. The unfolding legal proceedings will be closely watched as the Tingo CEO prepares to contest the SEC’s allegations in a court of law.
