Securities Scam: Stock-broker Bags 30 Years Imprisonment

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SAN FRANCISCO, July 12, (THEWILL) – A Lagos High Court sitting in Ikeja on Thursday July 11, 2013 convicted and sentenced one Ayoola Coker, a 37-year-old stockbroker to 30 years imprisonment for stealing N17.5 million belonging to his clients.

Justice Adeniyi Onigbanjo gave this verdict after Coker pleaded guilty to the 15- count charge that borders stealing, issuance of dud cheque, forgery and uttering preferred against him by the Economic and Financial Crimes Commission, EFCC.

The judge sentenced him to two years on each count even as he directed that the sentences would run concurrently from December 1, 2011.

Justice Onigbanjo, before pronouncing the sentence, took note of the fact that Coker made efforts to restitute the victims, Mr Saheed Gbadamosi and his son, Taiwo.

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.

The convict was first arraigned on June 6, 2011 and pleaded not guilty.

Justice Onigbanjo noted that the voluntary change of plea by the convict demonstrates sufficient remorse “to warrant the leniency of the charge.”

The accused had in 2010 fraudulently sold numerous shares worth N17.5 million which were kept in his custody by his clients.