Accountants Caught Faking Audits For Multi-Year Fraud Scheme!

SEC v. Olayinka Temitope Oyebola, Olayinka Oyebola & Co. (Chartered Accountants) — U.S. Securities and Exchange Commission Litigation Release No. 26373, dated August 11, 2025.

The SEC secured final judgments against an accounting firm, Olayinka Oyebola & Co., and its managing partner, Olayinka Temitope Oyebola. They were charged with aiding and abetting a massive fraud by deliberately ignoring fake audit reports bearing Oyebola's signature, which were then used in SEC filings by businessman Mmobuosi Odogwu Banye and his companies. The firm and its partner were permanently enjoined from violating securities laws and ordered to pay $100,000 each in civil penalties.

In Plain English

Imagine a company wanted to look much richer than it was. They created fake reports that looked like they were checked by an accountant, Olayinka Oyebola. Mr. Oyebola and his accounting firm knew these reports were fake but didn't stop the company from using them. This helped the company trick investors. Now, a judge has ordered Mr. Oyebola and his firm to stop breaking the rules and to pay a $100,000 fine each.

Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.

How the Alleged Scheme Worked

1. Fabricating Audit Reports Businessman Mmobuosi Odogwu Banye and three U.S. companies he controlled, referred to as the Tingo entities, created multiple fake audit reports. These reports were designed to appear as if they were legitimately issued by the accounting firm Olayinka Oyebola & Co.
2. Forging Signatures Crucially, these fabricated audit reports bore the signature of Olayinka Temitope Oyebola, the managing partner of Olayinka Oyebola & Co. This signature lent a false air of legitimacy to the fraudulent documents.
3. Submitting Fake Documents to SEC The Tingo entities then included these fake audit reports, bearing Oyebola's forged signature, in their official filings with the U.S. Securities and Exchange Commission (SEC).
4. Awareness and Concealment Upon learning that these fake audit reports were being used, Oyebola and his firm allegedly did not take action to correct the record. Instead, they are accused of helping Mmobuosi conceal the fact that the audit reports were fraudulent.
5. Misleading Other Auditors Oyebola also allegedly made material misstatements to one of the Tingo entities' then-auditor. This further aided in the deception, ensuring that external parties were also misled about the company's financial health.
6. Deceiving Investors and Regulators The use of these fake audit reports and Oyebola's misstatements caused the auditor, investors, and regulators to rely on false information. This reliance was to their detriment, as it masked the true financial performance of the Tingo entities.
7. Enabling Multi-Year Fraud Scheme The assistance provided by Oyebola and his firm enabled Mmobuosi and the Tingo entities to carry out a multi-year scheme. This scheme was designed to inflate financial performance metrics and defraud investors worldwide.

The Enforcement Action

On August 11, 2025, the U.S. District Court for the Southern District of New York entered final consent judgments against Olayinka Temitope Oyebola and his PCAOB-registered accounting firm Olayinka Oyebola & Co. (Chartered Accountants). The judgments permanently enjoin Oyebola and his firm from violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Exchange Act of 1934 and Rule 10b-5 thereunder. Oyebola is also permanently enjoined from violating Exchange Act Rules 13b2-2(a) and (b). Oyebola and his firm were each ordered to pay a civil monetary penalty of $100,000. On August 12, 2025, the Commission issued an order pursuant to Rule 102(e) of the Commission’s Rules of Practice suspending Oyebola and his firm from appearing and practicing before the Commission as accountants, with a right to apply for reinstatement after six years.

Named in this action: Olayinka Temitope Oyebola, Olayinka Oyebola & Co. (Chartered Accountants).

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