FOREX Trader Jailed 2-years For Stealing N20 Million Cryptocurrency

Shola Henry, a forex broker, was sentenced to two years in prison by an Ikeja Special Offences Court on Tuesday for stealing N20 million.

In her judgement, Justice Oluwatoyin Taiwo stated that cryptocurrency is nothing more than a Ponzi scam.

“However, the prosecution proved the accusation of stealing against the defendant, and he was found guilty of count six as charged.”

“The offender is hereby condemned to two years in prison or a fine of N2 million, whichever is greater.” A fine of N1 million has also been imposed on his company.

The judge added, “The defendant is thus given one year to make reparation of N20 million to his victim.”

Taiwo went on to say that the prosecution had failed to substantiate the charge of collecting money under false pretenses.

On counts one through five, she discharged and acquitted the defendant.

The defendant and his company, Henry Enterprises, were charged with eight amended counts of theft and acquiring money under false pretenses by the Economic and Financial Crimes Commission (EFCC).

According to NAN, the EFCC’s counsel, Mr Ahmed Yerima, called five witnesses at the defendant’s trial.

According to Yerima, the EFCC got a petition from one Mr Anyasi Matthew, who claimed that the defendant deceived him of N20 million by claiming that he would invest the money in forex and make a 20% profit in 30 days.

The prosecution said that the defendant stopped giving returns to the complainant after collecting the money and refused to return his capital to him as promised.

The prosecution stated that failure of the defendant to refund the money to the owner prompted him to petition the EFCC on the alleged fraud. (NAN)

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