Kingsparo Exchange

End Of The Road! Fake Ponzi Scheme Operator Jailed Seven Years In Rivers

Umoren Edet, a fake Ponzi scheme operator, has been sentenced to seven years’ imprisonment by Justice A. T. Mohammed of the Federal High Court in Port Harcourt, Rivers State, for obtaining money under false pretences and issuing dud cheques.

It was gathered that Edet collected the sum of N7m from one Amaka Joy for bitcoin transactions, but neither conducted the business nor returned the money to the owner.

The Head of Media and Publicity, Economic and Financial Crimes Commission, Wilson Uwujaren, in a statement on Tuesday, said Edet was re-arraigned on one count of advanced fee fraud by the anti-graft agency after a three-year trial.

He pleaded guilty to the amended charge.

The prosecuting counsel, Celestina Okorie, presented three witnesses against the convict, while the defence counsel, I. Ekwu, also presented three witnesses.

Delivering his judgment, Justice Mohammed convicted Edet and sentenced him to seven years’ imprisonment without an option of a fine.

He also ordered that the sum of N7m be returned to the victim

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