The Securities and Exchange Commission has charged Olayinka Oyebola and his Public Company Accounting Oversight Board-registered accounting firm, Olayinka Oyebola & Co. (Chartered Accountants), with aiding and abetting a major insurance fraud perpetrated by Mmobuosi Odogwu Banye, also known as Dozy Mmobuosi, and three related U.S. companies that Mmobuosi controlled (the Tingo entities). The SEC recently obtained a $250 million final judgment against Mmobuosi and the Tingo entities. Here is the Complaint: https://www.sec.gov/files/litigation/complaints/2024/comp-pr2024-157.pdf
The complaint alleges that Oyebola and his firm deliberately failed to take action upon learning that businessman Mmobuosi and the Tingo entities created multiple fake audit reports bearing Oyebola’s signature and included them in SEC filings as though they were issued by Oyebola’s firm. Oyebola allegedly made material misstatements to the then-auditor of one of the Tingo entities, and Oyebola and the firm helped Mmobuosi conceal that the audit reports were fake, resulting in the auditor, investors, and regulators relying upon the misstatements and fake audit reports to their detriment. According to the SEC’s complaint, Oyebola and his firm’s assistance enabled Mmobuosi and the Tingo entities to carry out a multi-year scheme to inflate financial performance metrics and defraud investors worldwide.
The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York, charges Oyebola and his firm with aiding and abetting violations of the antifraud provisions of the federal securities laws by Mmobuosi and the three Tingo entities. The SEC also charged Oyebola with aiding and abetting Mmobuosi’s violation of lying to auditors. The complaint seeks civil penalties as well as permanent injunctive relief, including an order permanently barring Oyebola and his firm from acting as auditors or accountants for U.S. public companies or otherwise providing substantial assistance in the preparation of financial statements filed with the SEC.
Jeff Newman JD MBA, represents whistleblowers nationwide relating to Medicare and Medicaid fraud, under the state and federal False Claims Act (Qui Tam) laws as well as whistleblowers in major claims under the SEC, CFTC and FINCEN whistleblower programs. He can be reached at Jeff@JeffNewmanLaw.com or at 617-823-3217
