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Broker arrested for fraudulent share trade

15 August 2014, 08:30Augustine Osayande

Abuja - A stock broker is facing prosecution for allegedly selling without authorisation 300 000 units of shares belonging to one of his clients.

Bioye Eluwole (54) is set to appear in court soon following his arrest by the Economic and Financial Crimes Commission (EFCC).

According to a statement by the commission, the shares, spread over 16 different companies, are warehoused in Eluwole firm, Bytofel Trust and Securities Limited.

Also Read:Bogus estate agents on the loose in Abuja

They 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 statement said.

EFCC added that the suspect will soon be arraigned in court for stealing, fraudulent sale and conversion of shares.

- CAJ News


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