Stock Broker Faces Prosecution for N30m Scam

 

 

EFCC Press Release

The Economic and Financial Crimes Commission, EFCC, has concluded arrangements to prosecute a stock broker for a N30million (Thirty Million Naira) scam.
The broker, Bioye Eluwole, 54, allegedly sold 300,000 (Three Hundred Thousand) units of shares belonging to one of his clients without authorisation. The shares, spread over sixteen different companies, were reportedly warehoused in his firm, Bytofel Trust and Securities Limited, but were confirmed sold by the Central Securities Clearing System, CSCS, when the client sought to confirm the status of his investments.
Investigations showed that, Eluwole indeed sold all the shares. Other investors who had their shares with his company and whose shares had also been sold without their knowledge also accused Eluwole of duping them of their investments.

The suspect will soon be arraigned in court for stealing, fraudulent sale and conversion of shares.

In a related development, the Commission is poised to arraign two commercial motorcycle transport operators for offences bordering on currency counterfeiting.

The suspects: Oluwatosin Olanrewaju, 34, and Ojeniyi Oluwasegun, 34, were arrested by operatives of the Department of State Security, DSS, at Igboho in Orelope Local Government Area of Oyo State,  with 49( Forty- Nine) pieces of suspected fake Nigerian currency notes (One Thousand naira denomination )and one piece of 10,000( Ten Thousand) CFA note.

They were nabbed while trying to exchange the fake currencies for genuine ones from unsuspected members of the public.

Wilson Uwujaren

Head, Media & Publicity

14^th August, 2014