Court jails stockbroker seven years for N20m fraud

http://newtelegraphonline.com/court-jails-stockbroker-seven-years-n20m-fraud/

Lagos State High Court, Ikeja, presided over by Justice Kudirat Jose yesterday convicted and sentenced one Tajudeen Folaji to seven years imprisonment. 

Folaji was found guilty on one-count charge of unauthorised sale of shares and stealing contrary to Section 390(8) (b)of the Criminal Code Law, Cap C17, Vol. 2 Laws of Laws of Lagos State 2003.
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.
Folaji was arraigned by the Economic and Financial Crimes Commission (EFCC), sequel to 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.