Tajudeen
Folaji was found guilty on one count charge of unauthorised sale of
shares and stealing contrary to Section 390(8)(b)of the Criminal Code
Law, Cap C17, Vol. 2 Laws of Laws of Lagos State 2003.
While Folaji is to spend the next seven
years in prison, his company, First Allstate Securities Limited, where
he was the managing director was fined N20 million by Justice Jose.
Folaji
was arraigned by the Economic and Financial Crimes Commission, EFCC,
sequel to a petition from the Security and Exchange Commission, SEC in
2010, where it was alleged that he fraudulently sold the shares of
Adesoye Holdings Limited in IPWA Plc.
After
diligent investigation by the Commission, it was discovered that the
convict fraudulently sold 31,886,200 units of Adesoye Holdings Limited
shares in IPWA Plc worth millions of naira.
Aside
the seven years imprisonment, the court also made an order that the
EFCC should trace the properties of Folaji and cause same to be sold
with the proceeds forfeited to Adesoye Holdings Limited.
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