Securities Fraud: Court Sentences Man To 7-Years Jail Term

EFCC-300x195The Economic and Financial Crimes Commission on Thursday secured the conviction of one Chika Odinaka Ohaegbulem as a Federal High Court sitting in Umuahia, Abia State, sentenced him to 7 years imprisonment on a14-count charge bordering on conspiracy, forgery, impersonation and obtaining money by false pretences.

A statement issued by the Head, Media and Publicity of EFCC, Wilson Uwujaren, said Ohaegbulem was arraigned before Justice F. A Olubanjo on May 5, 2014, alongside three other members of a syndicate who specialise in stealing various investors’ dividend warrants, which they sold to Ohaegbulem for clearing.

“All the accused had pleaded not guilty but in the course of trial, Ohaegbulem changed he plea and offered to return the sum of N1.4million found in his account to his victim.

“He was consequently convicted and ordered to restitute his victim to the tune of N1.4m”, the statement reads in part.

The trial of the three others continues, with further hearing fixed for May 27, 2015.

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