Stockbroker bags 100 years for defrauding investors

For defrauding, investors in thenations capital market of N8.8 million, a Lagos High Court, sitting at Ikeja division has sentenced a former employee of Vision Trust and Investment Limited, Miss Perpetua Erhahiemen to 100 years imprisonment.In the judgment handed down by Justice J.E Oyefeso, Erhahiemen bagged four years imprisonment on each of the 25 counts charge brought against her.The sentences are to run concurrently. In the judgment, Oyefeso stated that as an employee of Vision Trust, the accused went out to solicit for clients to buy shares. She collected various sums of money from different clients on the pretext that her company would purchase the shares they requested for.Oyefeso said that Perpetua was arraigned before the court on October 13, 2008 on a 25-count charge of stealing, forgery and uttering, offences contrary to Sections 390, 467 and 468 of the Criminal Code.According to her, although the defendant was   granted bail on October 13, 2008, she remained in custody since she was unable to meet the conditions of her bail.The trial commenced on October 24, 2008 but on November 24, 2010, the defendant changed her plea. She was once again arraigned and pleaded guilty to each of the 25 counts. She was thereafter found guilty and convicted on each of the 25 counts, Oyefeso said.The judge added that although the punishment for stealing anything valued at N1, 000 and above under the Section 390(a) of the Criminal Code was seven years, and punishment for offence relating to transfers/assignments of shares and stocks was 14 years, she tempered justice with mercy and did not give the maximum sentence because the purpose of punishment was to reform and not to destroy the offender.In the light of all the above therefore, I sentence the accused, Perpetua Erhahiemem to four years imprisonment on each  of 25  counts, such sentences to run concurrently. The sentence shall take effect the date of her first arraignment 13th October, 2008, Oyefeso said.Reacting to the judgement, a former Managing Director of Vision Trust, who also stood as a principal witness during the trial, Mr. Emmanuel Ohanwusi said it was a lesson to fraudulent persons in the market that the law must catch up with them.Ohanwusi said: We thank God that the truth has finally been told by this dismissed staff as the integrity of the principal officers of Vision Trust as well as the firm has been upheld. This is a serious signal to fraudulent persons that the law must always catch up with them no matter how long. Gods wheel of justice grinds slowly but surely.
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