Forex trader sentenced to 2 years in prison for stealing N20 million cryptocurrency

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.

The post Forex trader sentenced to 2 years in prison for stealing N20 million cryptocurrency appeared first on Nairametrics.

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