A Federal High Court sitting in Port Harcourt, Rivers State, has sentenced a fake Ponzi scheme operator, Umoren Edet, to seven years’ imprisonment.
Justice A. T. Mohammed found him guilty of obtaining money under false pretences and issuing dud cheques.
It was gathered that Edet collected the said sum from one Amaka Joy for bitcoin transactions, but neither conducted the business nor returned the money to the owner.
The Head of Media and Publicity, Economic and Financial Crimes Commission, Wilson Uwujaren, in a statement said Edet was re-arraigned on one count of advanced fee fraud by the anti-graft agency after a three-year trial.
He pleaded guilty to the amended charge.
The prosecuting counsel, Celestina Okorie, presented three witnesses against the convict, while the defence counsel, I. Ekwu, also presented three witnesses.
Delivering his judgment, Justice Mohammed convicted Edet and sentenced him to seven years’ imprisonment without an option of a fine.
He also ordered that the sum of N7m be returned to the victim.