Man jailed for N1.2m stock fraud

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The Economic and Financial Crimes Commission, EFCC, on Thursday, October 22, 2015, secured the conviction of Bashir Olumuyiwa, Managing Director, Asset Multipliers and Growth Concept Limited, before Justice Abubakar Idris Kutigi of the Federal Capital TerritoryHigh Court, Abuja.

The convict was arraigned on May 21, 2015 on an amended five-count charge of criminal breach of trust to the tune of N1,236,000.

The offence is punishable under Section 312 of the Penal Code.

One of the counts reads: “That you Bashir Olumuyiwa on or about the 5th day of February, 2008 at Abuja within the Abuja judicial division of the High Court of the Federal Capital Territory being entrusted with an Oando Share certificate valued at N310,000, property of Mr. Enoman Otom given to you for the purpose of stock trading, sold the shares and dishonestly converted the proceeds to your own use and thereby committed an offence punishable under section 312 of the Penal Code Law Cap 532 laws of the Federation of Nigeria( Abuja) 1990”.

Delivering his judgment, Justice Kutigi discharged and acquitted the convict on counts one, two and five; but found him guilty on counts 3 and 4 and sentenced him to six months imprisonment on both counts.

The convict was also ordered to pay the sum of N236,000 in restitution to the victim.