Looks like
@mrzackmorris
went on a real estate buying spree with his illicit trading profits... which would be subject to criminal forfeiture if found guilty. The properties listed in the case as follows
#atlastrading
1/x
$TIO here is the Kebbi Dala Cooperative that Tingo claims has leased and distributed 4.5m phones and provides customer support to the 4.5m farmers.
1/3
We found Tingo Mobile proprietary Nwassa "AgriFintech platform" that claims to process $1B+ USD transaction volume monthly appears to have almost none of the stated features. Our hands-on testing shows that the vast majority of features do not appear to work at all.
$TIO
Battery company Twitter is something else. They keep rolling out these random washed up people who say "I know nothing about the tech but I trust the management" while Cohodes and Reyes go on these bizarre rants. The 250m ATM today is just the icing on the cake. $ENVX
The CEO of the Kenya based fintech $TIO claims purchased $300m worth of cell phones in 2020 confirms that the purchase did not occur, nor do they know any Fintech in Kenya capable of a one time purchase of that size.
Another $300 million dollar hole in the Tingo balance sheet
Last year we highlighted the extremely shoddy audit work of firm Gries & Associates related to their 2021 audit of Tingo Inc. Today the PCAOB revoked the registration of the firm and barred founder Blaze Gries.
$TIO auditor Gries and Associates appear to specialize in otcmarkets listed securities, specifically those deemed shells and expert market. They may have overlooked a few signs of obvious accounting fraud in the Tingo 2021 10-k. Namely, a perfectly round 100m revenue increase.
You mean to tell me $TIO isn't generating $2B+ in revenue from the rural farmers the Nigerian government deemed so poor that they needed free cell phones?
These people criticizing
@StockJabber
are ridiculous. It's pretty clear that he ran the format by
@alderlaneeggs
ahead of the spaces. I'm sure a lot of people like myself wanted to know why Mark said that Hindenburg was flat out wrong about $NKLA. 1/2
$TIO SEC brings this action to halt an ongoing fraud carried out by three related companies—Tingo International Holdings, Inc. (“TIH”), Agri-Fintech Holdings, Inc. (“AgriFintech”), and Tingo Group, Inc. (“Tingo Group”)—orchestrated by their CEO, Dozy Mmobuosi
Or why
@alderlaneeggs
thought that $AMC needed to do a "crypto dividend" to burn the shorts that even
@CEOAdam
thought was a dumb idea. Lastly there was no "thesis creep" on $APPH it was a terrible business model from the jump, but a great pump and dump. 2/2
We visited Prime Commodity Exchange, the exchange Tingo claims to have an exclusive agreement with, granting "priority trading position" and "right of first refusal to purchase or trade all produce stored in AFAN warehouses". Strangely, no one was present.
$TIO
$TIO For example, Tingo Group’s FY 2022 Form 10-K filed in March 2023 reported a cash and cash equivalent balance of $461.7 million residing in Tingo Mobile’s Nigerian bank accounts. Authentic bank records for the same accounts, however, show a balance of less than $50.
This post containing Tingos's audited first half of 2020 financials allowed us to track down a non existent 300 million dollar order claimed by Tingo. $TIO
Noel Miebi, the CFO of Tingo Mobile Nigeria, and also a male model, is accused of providing fabricated contact information to Tingo's auditor. He might be looking at a different type of headshot very soon
$TIO
@LSValue
I enjoyed the fake Oppenheimer analyst on $WATT Q1 conference call. I think they could have done a better job getting under Rizzone's skin though
$TIO Tingo claimed in May 2023 it exported 348m USD worth of farmers crops to neighboring countries in Africa. According to new Q2 trade data from Nigeria's National Bureau of Statistics, Agricultural exports to Africa totaled 3.8m USD in May and 17m USD for the quarter.
Federal Inland Revenue Service, Nigeria's tax authority, put out a list of the 20 companies that paid the most in tax in 2021. Based on SEC filings, Tingo's claimed amount of tax would put them well within the top 20, yet they are no where to be found on the list.
$TIO
Another board member resignation for the Tingo holdco. On September 7, 2023, Leslie Kasumba resigned from her service on the registrant’s Board of Directors. Ms. Kasumba had been appointed to the Board on August 16, 2021.
$TIO $TMNA
"Mr. Baron, Trustee. Prior to assuming his role as a trustee of Blacksheep Trust, Mr. Baron was involved in an unfortunate circumstance that cost him his reputation and prompted his shift of focus to charitable services and social economic development."
$NVOS
In Q3 Tingo claimed 319m USD of agricultural exports to its neighbors (Niger, Chad, Benin and Cameroon). The newly released Q3 trade data from the Nigerian govt. shows all agricultural exports to Africa from Nigeria were 5.4m USD.
@SECGov
$TIO
Tingo is very clearly lying about their "cellular network" in their PR today. Most recent 10-k describes their network as a Mobile Virtual Network through Airtel, with a revenue split of 84% to Airtel, 16% to Tingo. We see this wording going back as far as 2020. 1/2
$TIO
Tingo Group's CFO, Amir Ayalon, who joined the company last month, quits one day prior to Tingo's Q3 scheduled earnings release, citing the Israel Palestine conflict as his reason.
Nothing to see here.
$TIO
@NateHindenburg
$TIO general counsel Ken Denos grills the contractors as Chris Cleverly chain smokes in the background. You can hear the concern in his voice as he realizes they lied in their SEC filing.
@ContrarianShort
What about when $PTE worked with a hedge fund to publish a Seeking Alpha article to coincide with their PR release stating "we are not a fraud"
$TIO Tingo just moved their already late Q2 earnings call from 8AM to 5PM. With all this extra time and still delaying, my guess is the Board of Directors is still blocking the release.
Who is the Kenyan distributor $TIO claims they sold 3.1 million phones to in 2020? What about the "non-agricultural cooperative" that allegedly purchased 2.9 million phones for $301m in 2021. Or the party who purchased 87,508 phones for $24.1m in July 2022?
With the revelations regarding Dozy Mmobuosi, it is a shame that we'll never get the full story of this photo. It involved bringing MUTV to the imaginary Tingo Mobile subscribers in Nigeria. It is impressive he got a custom
@ManUtd
kit
cc
@josephmdurso
$TIO
@SheffieldUnited
$TIO files NT 10-Q unable, without unreasonable effort or expense, to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 (the “Quarterly Report”) with the Securities and Exchange Commission within the prescribed time period
Dozy Mmobuosi spent at least 800k GBP at the Dorchester Hotel on parties for the Dozy Mmobuosi Foundation, as well as a 125k USD payment to Brandon Martin, an associate of
@Akon
$TIO
Eagerly awaiting the earnings results of my favorite scam Tingo. Their 9 million farmers really exist, just like "bearded man examines corn cob looking for data on tablet"
$TIO
$GRPN interim CEO just exercised 437,500 deeply itm stock options (6 strike) that just vested as part of their compensation plan. Their comp includes 3.5m stock options, each Q 437,500 vest. Not sure I understand the AH move.
In response to the trading halt of of $TIO shares, Altium has requested the settlement be changed, where Altium will be issued 9.99% of the outstanding shares, which additional shares being provided until they recover via liquidation the 17.3m USD judgment.
In otherwords, Altium requested a 10% ownership blocker so they are free to sell the shares and then a death spiral provision where shares are continually issued until Altium has recovered the 17m judgment. Goodnight sweet Tingo.
$TIO
@rlpeters87
@YoungJustin
The difference is, between then and now is we've had 5+ years to see how the MSO business operates and it's a pretty terrible business, so odds we get anywhere near back to highs seems extremely unlikely.
$TIO went from claiming 500k transactions a day in Aug 2021 to 8m transactions in Dec 2021. Tingo claims their 9m users are doing over 2.9B transactions annually. Jumia with its fully fleshed out marketplace and payments app had 7m users doing 28 million annual transactions. 🤦♂️
$TIO auditor Gries and Associates appear to specialize in otcmarkets listed securities, specifically those deemed shells and expert market. They may have overlooked a few signs of obvious accounting fraud in the Tingo 2021 10-k. Namely, a perfectly round 100m revenue increase.
Tingo: our technology is so crappy because there's no infrastructure
Also Tingo: "We spent 192m dollars on a rollout of broadband fiber and mobile network enhancement across rural Nigeria"
(spoiler alert, that never happened)
$TIO
Tingo board of director resignation
On August 4, 2023, Adewale Adebayo resigned from his service on the registrant’s Board of Directors. Mr. Adebayo had been appointed to the Board on August 16, 2021.
$TIO $TMNA
Druckenmiller: “I had a guy come in when $PLNT was $82. I'd given myself a Planet Fitness for my 60th. He had this incredible analysis, about why it was a short. I said, ‘Have you ever driven a Planet Fitness?’
‘No.’
I sent him his redemption notice the next week.”