Stockbroker bags 30 years jail

A stockbroker, Ayoola Coker, has been sentenced to 30 years imprisonment for stealing N17.5million belonging to his clients. Coker, 37, was sentenced by a Lagos High Court, sitting in Ikeja and presided over by Justice Adeniyi Onigbanjo, after pleading guilty to the charges preferred against him.  Read more

The Economic and Financial Crimes Commission (EFCC) had arraigned Coker on a 15-count charge bordering on stealing, issuance of dud cheque, forgery and uttering. Yesterday, the court found him guilty of the offences and he was convicted accordingly.
Delivering his judgment , Justice Onigbanjo sentenced Coker to two years imprisonment on each of the counts but said the sentences were to run concurrently starting from December 1, 2011. Onigbanjo, before pronouncing the sentence, noted that Coker made efforts to restitute the victims, Mr. Saheed Gbadamosi and his son, Taiwo by transferring the title deed of his landed property at Idimu, Lagos worth N8 million and a car valued at N1 million to the victims.
“He was arraigned on June 6, 2011 and pleaded not guilty. The voluntary changing of his plea to a guilty plea has demonstrated sufficient remorse as to warrant the leniency of the charge,” Onigbanjo stated.
Counsel to the EFCC, Mr. Tajudeen Aribi, said Coker had, sometime in 2010, fraudulently sold numerous shares worth N17.5 million which were kept in his custody by his clients.
Aribi told the court that Coker forged a Central Securities Clearing System (CSCS) statement that he used in facilitating the fraud. He said the convict also issued two cheques of N1 million each to the victims, which were rejected by the bank due to lack of funds in his account.
Coker’s counsel, Mr. Soji Toki, however, pleaded with the court to be lenient with his client as he has become a changed man. Toki said Coker had been in prison custody since June 6, 2011 after failing to perfect the bail terms given to him by the court.

Culled from The Sun newspaper