Photo: 70 year old man arrested forN42million Stock Fraud

Find the EFCC press statement below
A 70-year-old man, Adebola Oyewole
Asiwaju, has been arrested by the Economic
and Financial Crimes Commission, EFCC, for
allegedly attempting to fraudulently sell the
shares of one Olalere Sunday Oladosu.
To perfect the scam, the suspect allegedly
forged documents and opened a bank
account in a new generation bank, with the
assumed name of “Olalere Sunday Oladosu”.
Then, he proceeded to instruct Marina
Securities, a brokerage, to dispose of
1.7million units of Zenith Bank shares valued
at N42million and remit the proceeds to the
account he opened with the new generation
bank.
The lid on the scam was lifted when a routine
check by staff of Marina Securities revealed
some discrepancies in the documents
presented by the suspect and the ones the
genuine owner of the shares had filed with
the defunct Intercontinental Securities
Limited.
Consequently, the suspect was arrested by
the Nigeria Police, and later handed over to
the EFCC for further investigation and
prosecution.
The suspect is alleged to be neck deep in
stealing shares of unsuspecting investors and
selling them for a commission. He is believed
to work for a syndicate and receives 10
percent of the proceeds of any “business” that
sails through. His accomplices are still at
large. Other names that Asiwaju has used in
fraudulent shares sale include, Babajide
Odunso and Chief Bolaji Carew. The suspect
will be arraigned in court as soon as
investigation in concluded.