When the SEC in September 2024 charged Olayinka Oyebola for his alleged role in enabling a massive fraud by Nigerian businessman Dozy Mmobuosi, it slipped in a little-noticed request among the relief it sought from the federal court.
Alleging he had abdicated his professional obligation as independent accountant and financial industry gatekeeper, the SEC asked the U.S. District Court for the Southern District of New York for the following relief: a permanent bar on Oyebola and his firm from serving in an accounting or financial reporting role at a public company in connection with the preparation of SEC-filed financial statements; providing substantial assistance in the preparation of those statements; or acting as a public company auditor.
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