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Tuesday 5 January 2016

Stock broker jailed for 7 years in Lagos for fraudulent sale of shares

A stock broker identified as Tajudeen Folaji was today sentenced to seven years imprisonment by a Lagos state High Court sitting in Ikeja. Tajudeen was found guilty of a one-count charge of unauthorized 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.

Delivering judgement on the case filed by the EFCC, the presiding judge, Justice Kudirat Jose, fined Folaji's company, First Alstate Securities Limited, where he served as managing director, N20 million. Folaji was arrested and arraigned following a petition from the Security and Exchange Commission in 2010 that he fraudulently sold the shares of Adesoye Holdings Limited in IPWA Plc.

Investigations showed that he sold 31,886,200 units of Adesoye Holdings Limited shares in IPWA Plc worth millions of naira without any authorization from the company. Aside the seven years imprisonment, Justice Jose also made an order that the EFCC should trace his properties and sell them and give the proceeds to Adesoye Holdings Limited.
at 1/05/2016 02:55:00 pm

38 comments:

  1. Unknown5 January 2016 at 15:13

    Very good news.. He needs to be put away in Kirikiri for a very long time

    ReplyDelete
    Replies
    1. Unknown5 January 2016 at 16:52

      Dem don catch am......kpele

      Delete
    2. Unknown5 January 2016 at 16:54

      KAMA.



      #XENO-FABIAN

      Delete
    3. Victor Emeka Isaac5 January 2016 at 18:37

      I like what I'm reading








      Also Check Vabadon's Blog

      Delete
    4. Unknown5 January 2016 at 19:20

      Chei,see wetin grees dey cause.









      LIB ADDICT#just passing#

      Delete
    5. Anonymous6 January 2016 at 07:50

      Babe George don't you think you need to check yourself, you confirm this as a good news but when it comes to political probing witch hunting is the only thing that snapped to your dumb brain...being abroad didn't guarantee you're smart, wake up and stop your hateful spit this nation don't need opinion of fools like you.

      Maybe ure doing this for Linda to like you anyway, but stupidity needs not to be displayed because of money

      Thieves are thief regardless of anything

      Delete
  2. omidan abby5 January 2016 at 15:14

    Serves him right!

    ReplyDelete
  3. Unknown5 January 2016 at 15:15

    We get law for this country?

    ReplyDelete
  4. Unknown5 January 2016 at 15:17

    Efcc is working

    ReplyDelete
  5. Unknown5 January 2016 at 15:19

    Get rich quick syndrome

    ReplyDelete
  6. Unknown5 January 2016 at 15:20

    SMH

    ReplyDelete
  7. Unknown5 January 2016 at 15:22

    The wrath of the law..

    ReplyDelete
  8. Unknown5 January 2016 at 15:23

    Gud for him

    ReplyDelete
  9. Unknown5 January 2016 at 15:26

    How to turn a one time 6600 into 100,000 monthly. This is not a scam in any way as you would see for your self. Want to know more then send an email to greentopbiz@gmail.com 
    ‎

    ReplyDelete
  10. Unknown5 January 2016 at 15:29

    The evil that men do lives with them.

    Okbye.

    ReplyDelete
  11. Unknown5 January 2016 at 15:29

    Guy so sorry.

    Rapuluchukwuifenineadigommakings@yahoo.com
    Back to Delsu

    ReplyDelete
  12. Unknown5 January 2016 at 15:31

    Eyyya bad market




    My view not urs!!!!

    ReplyDelete
  13. Anonymous Personified5 January 2016 at 15:34

    Good for him.

    ReplyDelete
  14. Oskirin5 January 2016 at 15:37

    good 4 u.dt is ordinary thief in naija.wht of dasuki, dokpesi and rest? dem b big man.dere own go b plea bargainin.but under change govt,we no go gree.

    ReplyDelete
  15. Pesin Pikin5 January 2016 at 15:39

    They must all face the law. The court of law has always been "Indict, try and jail if found guilty or acquit if innocent".. The formular does not need any change o

    ReplyDelete
  16. Unknown5 January 2016 at 15:40

    Gobe for im head. Ihe onye metalu, obulu! Linda take note!

    ReplyDelete
  17. Unknown5 January 2016 at 15:41

    everyday is for the thief, but one day is for the owner...angelmakiz@yahoo.com

    ReplyDelete
  18. Unknown5 January 2016 at 15:43

    WHO CAN HELP ME GET ACROSS TO LINDA??

    ReplyDelete
  19. Unknown5 January 2016 at 15:44

    God Don catch am

    ReplyDelete
  20. Babylawyer.5 January 2016 at 15:44

    Nice one..@Lindaikeji No. I FAN

    ReplyDelete
  21. Unknown5 January 2016 at 15:48

    Why would you share a company's share without thinking you will be caught.... Not smart at all

    ReplyDelete
    Replies
    1. Anonymous5 January 2016 at 17:43

      Perhaps this was before CSCS numbers had been fully assigned. Same ish happened to me. Till today I haven't been able to get my shares back.

      Delete
  22. Unknown5 January 2016 at 15:49

    Ole

    ReplyDelete
  23. Unknown5 January 2016 at 16:00

    Nigerians and illegalities.













    Wild flowers!

    ReplyDelete
  24. Unknown5 January 2016 at 16:13

    Criminal. #lindaitsurboy

    ReplyDelete
  25. Unknown5 January 2016 at 16:40

    ONLY IN 9JA FRAUDULENT DEALS FLY UNDER THE NOSE OF D GOVT. THANK GOD. PMB'S ANTI CORRUPTION WHIP SEEMS TO BE FLOGGING SO MANY PPLE RIGHT NW

    ReplyDelete
  26. Olaaliu5 January 2016 at 17:05

    Interesting

    ReplyDelete
  27. Dan5 January 2016 at 17:06

    Chai had I know

    ReplyDelete
  28. Unknown5 January 2016 at 17:59

    Choi!
    "NeVeR SaY NeVeR"

    ReplyDelete
  29. Unknown5 January 2016 at 19:16

    God don push him n they r plenty of them Lagos ooo... Buy share n u will wait for enternity to enjoy ur sweat Jes cos of dis God forsaken rogues , authorities shld take note * Fightingcoruption *

    ReplyDelete
  30. Unknown5 January 2016 at 19:59

    Bad day
    #needanalibitojoinmetastethenewgeishasardine

    ReplyDelete
  31. kudos5 January 2016 at 20:59

    Broker with their cunning and fraudulent habit...Believe

    ReplyDelete
  32. Stephen Echefu5 January 2016 at 21:11

    This kinda reminds me of The wolf of Wall Street

    ReplyDelete

Disclaimer: Opinions expressed in comments are those of the comment writers alone and does not reflect or represent the views of Linda Ikeji.

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