A US federal court has fined Nigerian businessman Dozy Mmobuosi over $250 million for inflating the financial performance of his companies.
Presided over by Judge Jesse M. Furman, the US District Court for the Southern District of New York also barred Mmobuosi from serving as a director of any public company in the United States.
The court delivered the final judgment by default after Mmobuosi and his companies failed to respond to the charges.
His companies mentioned were Tingo Group, Agri-Fintech Holdings, and Tingo International Holdings.
In December, the US Securities and Exchange Commission (SEC) filed a civil complaint against Mmobuosi’s firms for misleading investors by fabricating key financial metrics and presenting an inflated picture of their performance.
According to the SEC, Mmobuosi’s company numbers were fake without any reasonable activities to substantiate operations.
Mmobuosi, who had also sought to buy the English football club Sheffield United, has no representations in court.
The SEC said the fines and penalties will serve as a warning to other companies engaging in fraudulent practices.
