STOCKBROKER JAILED SEVEN YEARS

A graduate of economics and member of the Nigerian chartered institute of stockbrokers, Mr Tajudeen Folaji has been sent to jail for seven years for unauthorized sale of a client's shares.
According to a notice on the website of the Securities and Exchange Commission (SEC), Tajudeen Folaji was the managing director and dealing clerk of First Allstate Securities ltd when he committed the offense.
According to the notice the conviction was handed down by Justice Kudirat José of Lagos state High Court for unauthorised sale and conversion of 31,886,200 shares in IPWA PLC worth about N331.3m belonging to an investor on April 3, 2008.
The court also directed the Economic and Financial Crimes Commission (EFCC) to trace and liquidate properties belonging to the convict to reinstitute the investor while imposing a N20m fine on First Alstate Securities ltd, his employers at the time of the illegal sale and conversion.
Following formal complaint by the affected investor, SEC had investigated and confirmed that there were evidences of infractions.
Consequently, on April 6, 2010 his dealing license was suspended and the case handed over to the EFCC for prosecution.
"The successful conviction" declared SEC in the notice "is a testament to the excellent collaboration between SEC and EFCC to advance the goal of investor protection"
Folaji became a member of the Chartered institute of stockbrokers in 1996 and had worked in a bank before joining First Alstate Securities ltd in 2004.

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