Court convicts crypto trader for fraud

A Federal High Court sitting in Ikoyi, Lagos, on Friday, October 6, 2023, convicted one Lawrence Success Karinate, a Peer-to-Peer crypto trader for computer-related fraud.

The anti-graft agency made this known via an official statement on its website, efcc.gov.ng on Monday.

According to the statement, Success was convicted on a one-count charge bordering on cybercrimes, an offence contrary to and punishable under Section 22(2)(b) of the Cybercrimes (Prohibition, etc.) Act, 2015.

The count charge read, “That you, Success Lawrence Karinate, sometime in 2023, within the jurisdiction of this Honourable Court, with intent to defraud, fraudulently held out yourself on social media platforms, as a female, bearing the name “Jessie Randall”, a fashion influencer, to unsuspecting members of the public, with intent to gain advantage for yourself and you thereby committed an offence, contrary to and punishable under Section 22(2)(b) of the Cybercrimes (Prohibition, etc.) Act, 2015.

The statement however revealed that the defendant, who regretted his actions, pleaded for mercy, and assured the court of his decision to desist from engaging in the act again.

“He pleaded “guilty” to the one-count charge preferred against him”, the statement partly read.

However, his counsel, Chikezie Kingsley, prayed the court for mercy, stressing that the defendant was a first-term offender

Delivering judgment, Justice Oweibo sentenced Karinate to a fine of N200,000.