SEC Secures Default Judgment Against Tingo Group CEO Dozy Mmobuosi

The U.S. Securities and Exchange Commission (SEC) has secured a default judgment against Tingo Group, Inc., its subsidiaries Agri-Fintech Holdings, Inc., Tingo International Holdings, Inc., and their CEO, Dozy Mmobuosi, following their failure to respond to a complaint filed in December 2023. The ruling, issued in June 2024, permanently restrains the defendants from violating U.S. securities laws, specifically Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5.

This decision follows the SEC’s accusation that Mmobuosi and the companies engaged in fraudulent practices, including the omission of material facts and misleading statements in connection with securities trading. The court’s ruling ensures that these entities are legally prohibited from engaging in deceptive financial activities.