A Lagos State High Court sitting in Ikeja on Monday sentenced Tajudeen Folaji, a stockbroker, to seven years imprisonment for fraudulent sale of shares.
The convict 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.
While Mr. Folaji is to serve prison term, his company, First Alstate Securities Limited, where he was the managing director, was fined N20 million by Justice Kudirat Jose.
Mr. Folaji was arraigned by the Economic and Financial Crimes Commission, EFCC, following a petition from the Security and Exchange Commission in 2010 that he fraudulently sold the shares of Adesoye Holdings Limited in IPWA Plc.
After diligent investigation by the anti-graft commission, it was discovered that the convict fraudulently sold 31,886,200 units of Adesoye Holdings Limited shares in IPWA Plc worth millions of naira.
Aside the seven years imprisonment, the court also made an order that the EFCC should trace the properties of Mr. Folaji and cause same to be sold with the proceeds forfeited to Adesoye Holdings Limited.