A Nigerian court has convicted and sentenced a man accused of defrauding unsuspecting cryptocurrency investors to one year in prison. In its charging document, the prosecution said the man violated Nigeria’s anti-fraud law and should be punished accordingly.
Fake Cryptocurrency Investment Scheme
A Nigerian court has convicted a man accused of using a fake cryptocurrency platform to defraud unsuspecting investors out of $680, according to a court ruling. In its ruling, the Port Harcourt District Command of the Economic and Financial Crimes Commission (EFCC) said that the man, whose alias is Kenneth Gibson, of Ebibo, must serve one year in prison.
The court, however, said the accused has the option to pay a fine of $1,180 (N500,000), which he can deposit in the government’s Consolidated Revenue Account. A PM Newsreportdetailing the accused’s alleged crimes said that by committing the alleged crimes, Ebibo had violated Nigeria’s Anti-Fraud Act.
“On or about November 1, 2021, you, Ob Gabriel Ebibo (aka Kenneth Gibson), in Port Harcourt, within the jurisdiction of this Honorable Court, with intent to defraud, obtained the sum of US$680. Under the pretext that the funds were for cryptocurrency investments, which he knew to be false, he committed an offense contrary to Section 1(2) of the Advance Fee Fraud and Other Fraud Related Offenses Act of 2006 and is punishable under Section 1(3) of said Act,” the charging document of the accused states.
Noting Ebibo’s guilty plea, the prosecuting attorney, who identified himself only as F.O. Amama, reportedly asked the court to sentence the accused accordingly. However, Ebibo’s lawyer argued that since his client had accepted the charges against him, the court should show mercy to the defendant, a first-time offender.
In passing sentence, the judge reportedly ordered that the mobile devices used by the offender be confiscated by the state.
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