Unsuitability Loss Attorneys

Did Your Broker Unsuitably Recommend Tingo Stock?

SEC Charges Founder And Affiliates With Massive Scam

Shepherd Smith Edwards and Kantas (investorlawyers.com) is speaking to investors of Tingo Group (TIO), Tingo International Holdings, and Agri-Fintech Holdings, as well as Nigerian operating subsidiaries Tingo Mobile Limited and Tingo Foods. The company’s CEO Mmobuosi Odogwu Banye (also known as Dozy Mmobuosi) and his US affiliates are being charged by the US Securities and Exchange Commission (SEC) in connection with an alleged multi-year scam that may have defrauded investors of hundreds of millions of dollars. The US entities are believed to have made billions of dollars in false transactions through the Nigerian subsidiaries. The regulator contends that Mmobuosi allegedly tried to sell Tingo Mobile to public companies by using valuations that were grossly inflated by over $1B.

According to the SEC complaint, since at least 2019 Mmobuosi has operated a scam to fabricate financial statements and other key documents involving the various companies. He also purportedly caused these various entities to make material misrepresentations in SEC filings, press releases, and other public statements.

For example, in March 2023 in its Form 10-K for fiscal year 2022, Tingo Group noted a $461.7M balance in Tingo Mobile’s bank accounts in Nigeria; the actual balance was under $50. The Commission contends that Mmobuosi and his entities fraudulently secured hundreds of millions in property and money through the scams, He also is accused of “looting” money from Tingo Group to fund his luxury lifestyle.

Meanwhile, trading on Tingo Group stock is stopped. Back in June, Hindenburg Research said in a report that Tingo was engaging in fraudulent activity that caused its share price to drop by 48%.

Why Speak To Our Seasoned Unsuitability Loss Attorneys?

Already, we are hearing that some investors may have suffered serious losses. If you are one of these investors, you should know it is highly unlikely that you will recover anything from Tingo.

However, if your financial advisor is the one who recommended that you invest in Tingo, you may be able to sue them for damages. Even if they were not directly involved in the alleged scam, if they failed to conduct the proper due diligence or if they accidentally involved you in the alleged Tingo fraud through their negligence or cluelessness, you may be able to hold them liable.

Our Unsuitability Loss Attorneys represent investors in suing their brokers for misconduct or negligence that led to their investment losses. At the very least, allow us to help you explore your legal options and assess whether you have grounds for an investor loss lawsuit.

Call our team of Unsuitability Loss Attorneys at (800) 259-9010 or contact us online.