The U.S. Securities and Exchange Commission (SEC) has charged Nigerian auditor Olayinka Oyebola and his accounting firm, Olayinka Oyebola & Co., for their alleged involvement in a major securities fraud scheme orchestrated by businessman Dozy Mmobuosi, and three U.S.-based companies collectively referred to as the Tingo entities.
This comes on the heels of a $250 million judgment that the SEC recently obtained against Mmobuosi and the Tingo entities for their fraudulent activities.
According to the SEC’s complaint, Oyebola and his firm played a critical role in enabling Mmobuosi and the Tingo entities to deceive investors over several years by falsifying audit reports.
Source: Nairametrics
