A forex trader who stole N20 million cryptocurrency has been sentenced to two years in prison by An Ikeja Special Offences Court.
Justice Oluwatoyin Taiwo on Tuesday sentenced the convict named Shola Henry after finding him guilty of three of the charges proffered against him.
He was being prosecuted by the Economic and Financial Crimes Commission (EFCC) alongside his company, Henry Enterprises, on eight count amendment charge, bordering on stealing and obtaining money under false pretence.
What happened in court
The anti-graft agency had received a petition from one Mr Anyasi Matthew alleging that the defendant defrauded him of the sum of N20 million saying it will be invested in forex and cryptocurrency to give him a 20% profit in 30 days.
The EFCC lawyer told the court that after collecting the said money, the defendant stopped giving returns to the complainant and refused to return his capital as promised.
The complainant was prompted to petition the EFCC on the alleged fraud because of the failure of the defendant to refund the money.
What the judge ruled
- The presiding judge, Justice Taiwo held that the cryptocurrency business was nothing but a Ponzi scheme.
- “The prosecution, however, proved the charge of stealing against the defendant and he was found guilty as charged of count six.
- “The defendant is hereby sentenced to two years’ imprisonment or pay a fine of N2 million. His company is also fined N1 million.
- “The defendant is hereby given one year to make restitution of N20 million to his victim,” the judge held.
However, the judge discharged and acquitted the convict on count one to five as the allegation of obtaining money under false pretence was not proved by the prosecution.
And still someone stole 80billion naira in this country was not sentence to prison… 😂😂😂
The victim didn’t have to deposited the Funds into his account, all funds could stayed in Victim’s account and all trades can still be done right there, meaning the Trader would Av been the one to ask for his commissioner back after making Profits for the Victim so this is how I Trade and anyone interested can get back to me here.. t o k s a t home AT Ya hoo DOT COME
Please don’t call him a forex trader, a real forex trader will not need to steal 20 million, or promise 20% ROI in 30 Days. That’s just unreal. Nah correct G guy (yahoo yahoo) he just used forex as a front. If it sounds too good to be true… It probably is.