Nigeria Stockbroker Bags 7 Years In Prison Over Fraudulent Sale Of Shares, His Company Fined N20 Million

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Justice Kudirat Jose of the Lagos State High Court, Ikeja on Monday, convicted and sentenced Mr. Tajudeen Folaji, a stockbroker, to seven years imprisonment after he was found guilty on a one count charge of unauthorised sale of shares and stealing.

While Folaji is to spend the next  seven years in prison, his company, First Alstate Securities Limited, where he was the managing director was fined N20 million by Justice Jose.

Folaji was arraigned by the Economic and Financial Crimes Commission, EFCC, following a petition from the Security and Exchange Commission, SEC in 2010, where it was alleged that he fraudulently sold the shares of Adesoye Holdings Limited in IPWA Plc.

After investigation by the Commission, it was discovered that the convict fraudulently sold 31,886,200 units of Adesoye Holdings Limited shares in IPWA Plc worth millions of naira.

Aside the seven years imprisonment, the court also made an order that the EFCC should trace the properties of Folaji and cause same to be sold with the proceeds forfeited to Adesoye Holdings Limited.

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