SEC v. Dozy Mmobuosi, et al. (financial-statement fraud, 2023)
Judgment entered
Checked against the primary document on October 4, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.
In December 2023 the SEC charged Dozy Mmobuosi and three Tingo-related companies with a financial-statement fraud and obtained emergency relief. Default judgments entered on August 28, 2024 order disgorgement, interest and penalties totalling more than $250 million.
The record
| Agency | SEC |
|---|---|
| Date filed | 2023-12-18 |
| Date resolved | 2024-08-28 |
| Court | U.S. District Court, Southern District of New York |
| Status | judgment |
| Asset class | equities |
| Venue | Nasdaq |
| Criminal parallel | No |
| Bars imposed | officer-and-director bar, penny stock bar, conduct-based injunction |
| Defendants | Dozy Mmobuosi, et al. |
| Cited as charged or alleged | Exchange Act s.10(b) and Rule 10b-5 ; Exchange Act s.13(a) ; Exchange Act s.16(a) ; Securities Act s.17(a) |
| Techniques |
What was ordered
- Civil penalty
- $35.4m
- Disgorgement
- $196m
- Prejudgment interest
- $22.8m
- Total relief
- $255m
- Alleged gain
- —
What is alleged to have happened
the Securities and Exchange Commission announced this matter on December 18, 2023. The respondents named are Dozy Mmobuosi, et al. (1 individual, 0 entities). The action was brought in the U.S. District Court, Southern District of New York.
The matter is about alleged falsified financial results, not trading on inside information, and none of this library's technique pages describes that conduct, so no technique tag is recorded. The tagging is ours, not the regulator's.
The conduct is recorded against equities, with Nasdaq identified in the release.
The SEC reported on August 29, 2024 that the Southern District of New York entered final judgments on August 28, 2024 against Mmobuosi, Tingo Group, Agri-Fintech Holdings and Tingo International Holdings, on the basis of default. The judgments enjoin the defendants from antifraud violations and the companies from reporting violations; Mmobuosi received an officer-and-director bar, a penny stock bar and a bar on participating in securities transactions. Monetary relief: Tingo International and Mmobuosi jointly $156,672,705.86 in disgorgement plus $20,193,871.58 in interest; Agri-Fintech and Mmobuosi jointly $12,164,000 plus $574,682.90; Mmobuosi alone $27,632,627.93 plus $2,032,811.14 and a $31,908,704.21 penalty; each of the three companies a $1,152,314 penalty. The judgments also order cancellation of certain shares and a $204 million note.
The stored figures add these separate components together, counting each jointly owed amount once. The matter concerns alleged fabrication of financial results rather than insider trading, so this record's technique tag does not match the document.
Timeline
- 2023-12-18 Litigation release published
- 2024-08-28 Default final judgments entered against Mmobuosi and three companies
Primary documents
Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.