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Fintech Chief, Dozy Mmobuosi Fined $250 Million For Fraud In The US

A US federal court has ordered a Nigerian businessman, Dozy Mmobuosi who last year sought to buy the English football club Sheffield United, to pay more than $250mn in fines and barred him from serving as a director of a public company.

Last year, the US Securities and Exchange Commission had charged Dozy Mmobuosi and three of his companies, including two Nasdaq-listed enterprises, with fraud for inflating the “financial performance metrics of his companies and key operating subsidiaries to defraud investors worldwide”.

Judge Jesse M Furman, of the US District Court for the Southern District of New York, has now entered a final judgment by default against Mmobuosi and his companies after the entrepreneur failed to make any representations in the civil complaint filed last December by the SEC.

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The judge wrote that Mmobuosi and his companies, Tingo Group, Agri-Fintech Holdings and Tingo International Holdings, had “failed to answer, plead, or otherwise defend” themselves in the case. Mmobuosi and his three US-based entities have been ordered to pay more than $250mn in fines after the SEC alleged that his empire was a “fiction”.

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