{"id":6370,"date":"2013-07-12T06:25:49","date_gmt":"2013-07-12T06:25:49","guid":{"rendered":"http:\/\/disnaija.com\/nigeria-news\/stockbroker-jailed-for-defrauding-clients\/"},"modified":"2013-07-12T06:25:49","modified_gmt":"2013-07-12T06:25:49","slug":"stockbroker-jailed-for-defrauding-clients","status":"publish","type":"post","link":"https:\/\/disnaija.com\/stockbroker-jailed-for-defrauding-clients\/","title":{"rendered":"Stockbroker jailed for defrauding clients"},"content":{"rendered":"
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An Ikeja High Court on Thursday sentenced a stockbroker, Ayoola Coker, to 30 years imprisonment for stealing N17.5 million shares belonging to two of his clients.<\/p>\n

Coker, 37, was sentenced by Justice Adeniyi Onigbanjo after he pleaded guilty during re-arraignment.<\/p>\n

The judge found him guilty on all the 15 counts of stealing, issuance of dud cheque, forgery and uttering preferred against him by the Economic and Financial Crimes Commission (EFCC).<\/p>\n

Onigbanjo consequently sentenced the stockbroker to two years imprisonment on each of the counts.<\/p>\n

Onigbanjo, however, held that the sentences should run concurrently starting from Dec.1, 2011.<\/p>\n

“Efforts were made by the convict at restituting to the victims – Mr Saheed Gbadamosi and his son, Taiwo.<\/p>\n

“The voluntary changing of his plea from not guilty to guilty has demonstrated sufficient remorse as to warrant leniency,\u2019\u2019 he noted.<\/p>\n

The judge further noted that Coker transferred the title deed of his landed property at Idimu, Lagos, worth N8 million and a car valued at N1 million to the victims.<\/p>\n

NAN reports that Coker earlier pleaded not guilty on arraigned on June 6, 2011.<\/p>\n

EFCC Counsel, Mr Taqiyudeen Aribi, had told the court during the arraignment that Coker, sometime in 2010, fraudulently sold numerous shares worth N17.5 million.<\/p>\n

He said that the shares belonged to his clients.<\/p>\n

Aribi also said that Coker forged a Central Securities Clearing System statement which he used in facilitating the fraud.<\/p>\n

He also submitted that the convict issued two cheques for N1 million each to the victims which were returned by the bank due to lack of funds in his account.<\/p>\n

Coker’s Counsel, Mr Soji Toki, had pleaded with the court to be lenient on his client who, he said, had repented.<\/p>\n

Toki said that Coker had been in prison custody since June 6, 2011, after failing to perfect the bail granted to him by the court.<\/p>\n

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