Stockbroker Got 7 years in Lagos for fraudulent sale of shares



One Tajudeen Folaji, A stockbroker, was sentenced to seven years imprisonment today by a Lagos state High Court sitting in Ikeja.

Tajudeen A stockbroker, 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. More after the cut…..

On the case filed by the EFCC, the presiding judge, Justice Kudirat Jose, fined Folaji’s company, First Alstate Securities Limited, where he served as managing director, N20 million. Folaji was arrested and arraigned following a petition from the Security and Exchange Commission in 2010 that he fraudulently sold the shares of Adesoye Holdings Limited in IPWA Plc.

Investigations concluded that he sold 31,886,200 units of Adesoye Holdings Limited shares in IPWA Plc worth millions of naira without any authorization from the company. Aside the seven years imprisonment, Justice Jose also made an order that the EFCC should trace his properties and sell them and give the proceeds to Adesoye Holdings Limited and the Stockbroker licence must be revoked.