Court sentences man to 7 years imprisonment for securities fraud

Posted by News Express | 13 March 2015 | 2,807 times

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The Economic and Financial Crimes Commission (EFCC) Thursday secured the conviction of one Chika Odinaka Ohaegbulem as a Federal High Court sitting in Umuahia Abia State, sentenced him to 7 years imprisonment on a14-count charge bordering on conspiracy, forgery, impersonation and obtaining money by false pretences.

Ohaegbulem was arraigned before Justice F. A Olubanjo on May 5, 2014, alongside three other members of a syndicate who specialise in stealing various investors’ dividend warrants, which they sold to Ohaegbulem for clearing.

All the accused had pleaded not guilty but in the course of trial, Ohaegbulem offered to return the sum of N1.4 million found in his account to his victim.

He was consequently convicted and ordered to refund to his victim to the tune of N1.4m.

The trial of the three others continues, with further hearing fixed for May 27, 2015.

•Photo shows EFCC Chairman, Ibrahim Lamorde.


Source: News Express

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