.jpeg "Lagos court finds cryptocurrency trader guilty of fraud")
In a statement released on Monday, the Economic and Financial Crimes Commission (EFCC) said that Justice Nicholas Oweibo had rendered a conviction against Karinate, who was prosecuted by the Lagos Zonal Command of the EFCC.
As to the official statement from the EFCC, Karinate faced legal proceedings on a single charge related to cybercrimes, which is in violation of Section 22(2)(b) of the Cybercrimes (Prohibition etc.) Act of 2015, and is subject to punishment.
The count states that Lawrence Success Karinate, at some point in 2023, within the jurisdiction of this esteemed court, intentionally engaged in fraudulent activities on social media platforms. Specifically, Karinate portrayed themselves as a female named "Jessie Randall," a fashion influencer, in order to deceive unsuspecting individuals and gain personal advantages. This act constitutes an offense as defined by Section 22(2)(b) of the Cybercrimes (Prohibition etc.) Act, 2015, and is subject to punishment.
Karinate entered a plea of "guilty" in response to the single accusation brought against him. Subsequently, the attorney representing the Economic and Financial Crimes Commission (EFCC), Usman Abubakar Ahmad, proceeded to present a witness, Taiwo Owolabi, who is an operative of the aforementioned anti-corruption agency. The purpose of Owolabi's testimony was to provide an overview of the relevant facts pertaining to the case.
According to Owolabi, the defendant, together with several others, was apprehended in the Lekki region of Lagos State on May 26, 2023.
According to the EFCC, subsequent to his apprehension, he was escorted to the EFCC premises for analysis of his iPhone and HP computer.
The individual in question was found to have produced counterfeit documents using his electronic equipment, and subsequently made a financial restitution amounting to N100,000.00 (One Hundred Thousand Naira).
The individual underwent more questioning and confessed to participating in a fraudulent scheme involving the butchering of pigs, resulting in personal gains amounting to $2000 (Two Thousand United States Dollars).
According to the EFCC, the pig butchering scam is a form of fraudulent activity when perpetrators engage victims in online interactions to establish confidence, afterwards persuading them to invest in cryptocurrency platforms.
Hence, Usman submitted the defendant's extrajudicial statement, false documents printed from his iPhone and laptop computer, and the management cheque issued by him as evidence in the tender.
Justice Oweibo accepted the aforementioned items as evidence A, B, C, C1, D, and E, and thereafter found the individual guilty as charged.
In his allocution, Karinate expressed remorse for his complicity in the illicit activities and provided reassurances to the court regarding his commitment to abstain from any future engagement in cyber fraud.
The defendant's legal representative, Chikezie Kingsley, implored the court to consider leniency, emphasizing that the defendant had no prior criminal record.
Justice Oweibo imposed a monetary penalty of N200,000 in his ruling.