By Ben Glickman


Tingo Group interim co-Chief Executive Officer Dozy Mmobuosi is temporarily stepping down from the company after being named in a complaint by the Securities and Exchange Commission.

The Montvale, N.J.-based fintech company said on Wednesday Mmobuosi had agreed with the board of directors to step aside until he is cleared of the allegations made against him.

Tingo said on Wednesday that it intended to vigorously defend itself against the charges.

The company will continue to operate, and interim co-CEO Ken Denos will serve as interim group CEO. The company also said the SEC is seeking to prohibit Mmobuosi from acting as an officer or director of a public company.

The SEC on Tuesday alleged in a complaint that Mmobuosi had inflated the financial performance metrics of companies he is connected with. The SEC said in a statement Mmobuosi fabricated financial statements and other documents of Tingo Group, as well as Agri-Fintech Holdings, Tingo International Holdings and other operating subsidiaries.


Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

12-20-23 1535ET