N17.5m Theft: Stock Broker Bags 30-year Imprisonment.........

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N17.5m Theft: Stock Broker Bags 30-year Imprisonment


Nigerian Tribune

Lagos
July 12, 2013

Justice Adeniyi Onigbanjo of a Lagos High Court sitting in Ikeja, on Thursday, sentenced a 37-year-old stock broker, Ayoola Coker, to 30 years imprisonment for stealingN17.5 million belonging to his clients.

Coker was sentenced after he pleaded guilty to the charges during his re-arraignment on a 15-count charge on Thursday.

Justice Onigbanjo convicted Coker on all the 15-count charges of stealing, issuance of dud cheque, forgery and alteration preferred against him by the Economic and Financial Crimes Commission (EFCC).

Coker was sentenced to two years imprisonment on each of the counts, which the court ordered should be run concurrently, starting from December 1, 2011.

The judge, while pronouncing the sentence, noted that Coker made efforts to make restitutions to the victims, Mr Saheed Gbadamosi and his son, Taiwo, adding that Coker had transferred the title deed of his landed property at Idimu, Lagos worth N8 million and a car valued N1 million to the victims.

“He was arraigned earlier on June 6, 2011 and pleaded not guilty. The voluntary changing of his plea to a guilty plea has demonstrated sufficient remorse as to warrant the leniency of the charge,” the judge held.

The EFCC counsel, Mr Taqiyudeen Aribi, had alleged that Coker, sometime in 2010, fraudulently sold numerous shares worth N17.5 million which were kept in his custody by his clients.

He alleged further that Coker forged a Central Securities Clearing System (CSCS) statements which he used in facilitating the fraud, adding that the convict issued two cheques of N1 million each to the victims which were rejected by the bank due to lack of funds in his account.

Coker’s counsel, Mr Soji Toki, pleaded with the court to be lenient in sentencing his client because he was a changed man, adding that he had been in prison custody since June 6, 2011 after his previous arraignment because he failed to perfect the bail terms given to him by the court.