Cryptocurrency Trader, Shola Henry, Bags Two Years Imprisonment For Stealing

An Ikeja Special Offences Court, has sentenced a cryptocurrency trader, Shola Henry, to two years imprisonment for stealing N18.460 million belonging to a businessman.

Delivering judgment in the matter, Justice Oluwatoyin Taiwo gave the convict an option of fine in the sum of N2 million.

The convict was arraigned on an amended seven-count charge bordering on obtaining money under false pretences and stealing brought against him and his company, Henry Enterprise Concept by the Economic and Financial Crimes Commission (EFCC).

The court discharged the convict of count one to six bordering on obtaining money by false pretences.

He was however convicted on count, bordering on stealing by fraudulent conversion.

Read Also: Alleged Bank Fraud: Court Adjourns For Final Written Addresses

Justice Taiwo held that the business of cryptocurrency operates in an unpredictable environment.

The judge held that the defence was able to prove that the convict was paying his clients when the market was good until after it became unpredictable.

She however held that the convict was liable to refund the money deposited to him for the cryptocurrency business by the depositor whether or not he is making money from the transaction.

In his allocutus, the defence counsel, Mr Adeola Onikosi prayed the court to temper justice with mercy and for non-custodial sentences.

Onikosi told the court that the convict was a first time offender and has kids who depend on him.

But the prosecutor Ahmed Yerima disagreed with the defence saying that the convict was a second time offender.

Also Read: Court Finds Medical Doctor Guilty of Possessing Forged Documents

Yerima prayed the court to order the convict to make restitution to the nominal complainant and for forfeiture of items recovered from him.

Justice Taiwo, after considering the allocutus of the defence counsel and submission of the prosecution, convicted and sentenced the convict as charged.

Justice Taiwo also ordered the convict and his company, Henry Enterprise Concept to make restitution to the nominal complainant in the sum of N18.450 million within the next six months.

She in addition ordered that the convict’s iPhone be forfeited to the Federal Government.

During trial, the prosecution called five witnesses to prove his case against the convict.

The petitioner, a businessman who testified as one of the witnesses, had told the court that he met the defendant through someone, who convinced him that the defendant could help make such mouth-watering returns on investment.

Click To Also Read: Motorcyclist Sentence To Life Imprisonment For Raping Passenger

He told the court that afterwards, at different times he transferred money to the defendant totalling N18,450,000.

He said the defendant gave returns about two times but afterwards began to default in payment of returns until he declined to refund the capital investment as previously promised.

The defendant, the witness alleged, later reduced returns from 20 per cent to 10 per cent, yet he did not get any returns, neither did he get his initial investment back.

In his defence, the convict claimed that he was into cryptocurrency business but that he was just an agent and not the actual trader.

He had claimed in his testimony that he was unable to give returns on investment “due to a crash in Bitcoin”, arguing that the cryptocurrency crashed sometime in 2018.

He had claimed that one Abiodun Semawon Henry, his brother who he could not tell the court of his whereabouts was the lead trader.

Wahab Akinlade

Akinlade I. WAHAB is a dedicated journalist and the proprietor of I-WAHAB Media. He embarked on his career at Murhi International TV (MiTV) and subsequently joined Radio Nigeria as a Judicial Correspondent.With a profound interest in legal reporting, he currently holds the positions of Chairman at the National Association of Judicial Correspondents (NAJUC), Ikeja Branch, and Chairman at the Nigeria Union of Journalists (NUJ), Radio Nigeria Chapel.As the owner of I-WAHAB Media, he has successfully established Top Court News, a platform renowned for providing comprehensive coverage of court cases and legal developments, with the aim of promoting transparency within the judicial system.Akinlade's diligent work and unwavering commitment to ethical reporting have earned him immense respect within the Nigerian journalism community.

Related Articles

Back to top button
Verified by MonsterInsights