Tingo Group, Founder Must Pay SEC $250 Million in Fraud Case

Nigerian businessman Dozy Mmobuosi and his companies, including the Tingo Group Inc., were ordered to pay the US Securities and Exchange Commission over $250 million dollars in a securities fraud suit default judgment.

Mmobousi is liable for $61 million himself and then jointly and serverally liable with his companies, Tingo Group, Agri-Fintech Holdings Inc, and Tingo International Holdings Inc., for another $189 million, according to the final judgment in the case..

Judge Jesse M. Furman granted the SEC’s motion for summary judgment, noting that the defendants “failed to answer, plead, or otherwise defend this action.” Aside from the disgorgement ...