Dozy Mmobuosi may be in prison for a long time for committing fraud

If found guilty of all charges levied against him by the US government, Dozy Mmobuosi may spend up to 45 years in prison. 

The case of Dozy Mmobuosi, the ex-CEO of Tingo Group has blown into the new year, and this time, beyond what anyone foresaw. 

On Tuesday, 2nd of January, 2024, the United States formally announced charges against Odogwu 'Dozy' Mmobuosi. Dozy, who recently stepped down from being the CEO of the Agri-tech company has been charged with securities fraud, making false filings with the Securities and Exchange Commission (“SEC”), and conspiracy. 

The Indictment notice prepared 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”) reads - 

"From at least in or about 2019 through in or about 2023, ODOGWU BANYE MMOBUOSI 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 notice stated. 

Also, according to the information shared in the notice, Mmbuosi faces charges of conspiracy which could lead to a maximum five-year prison term; securities fraud under Title 15, carrying a maximum 20-year prison sentence; and making false filings with the SEC, also carrying a maximum 20-year prison sentence - a total of 45 years imprisonment. 

It was also highlighted in the statement that the charges outlined in the indictment are just allegations, and the defendant is considered innocent until proven guilty.

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