Ponzi Scheme Promoters Jailed 30 Years as 12000 Victims Await Compensation
Three promoters of a Ponzi scheme that defrauded 12,000 Nigerians of a combined N15 billion have been sentenced to 30 years imprisonment each by a Lagos High Court. The court foun...
Three promoters of a Ponzi scheme that defrauded 12,000 Nigerians of a combined N15 billion have been sentenced to 30 years imprisonment each by a Lagos High Court.
The court found the defendants guilty on 22 counts including obtaining money by false pretences and money laundering.
Justice Raliat Adebiyi said the sentence reflected the devastating impact on ordinary Nigerians who had invested life savings on the promise of weekly returns of 50 percent.
The Assets Management Corporation of Nigeria has been appointed to manage recovered assets of N4.3 billion as a compensation pool for verified victims.
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