Dozy Mmobuosi appeared to be closing in on a takeover of the Premier League football club Sheffield United is being sued by the US financial watchdog for a fraud, in which he is alleged to have faked documents and made up companies out of “thin air”. The US Securities and Exchange Commission (SEC) said on Monday it had filed charges against Dozy Mmobuosi, claiming he inflated his companies’ financial performance by hundreds of millions of dollars to defraud investors. The regulator filed its claim against Mmobuosi personally, and his company Tingo Group, which is listed on the Nasdaq stock exchange, and two related companies, Tingo International Holdings and Agri-Fintech Holdings. The SEC’s action comes less than six months after the short seller Hindenburg Research claimed fraudulent activity by Tingo Group, alleging an “obvious scam” in a report that caused the company’s share price to fall by 48%.
SOURCE: THE GUARDIAN