According to SEC, the arrest and prosecution of Mr. Akinsemoyin is a major breakthrough in smashing a racketing syndicate in the capital market.
Mr. Akinsemoyin was arrested by the SEC police unit for his involvement in the fraudulent transfer and subsequent sales of 53, 592 units of Nigerian Breweries PLc belonging to Late Mr. Mwakama Chioma.
Mr. Akinsemoyin allegedly forged the International passport of late Mwakama bearing his photograph, approached Vision Trust Ltd and processed the illegal transfer and sale of the said shares of late Mwakama.
The accused subsequently used the same passport to opened a bank account at Diamond Bank where the illicit proceeds of the sales was deposited for his own use.
According to SEC, the issue of identity theft in the capital market has until the arrest of Mr. Akinsemoyin remain serious problem to the Commission “in the cause of caring out its market oversight on market abuse”.
The accused was granted bail in the sum of N500,000 and a surety in the same sum. The surety to show evidence of tax payment and stable job. Office and residence address to be verified by the registrar of the court.
