The Managing Director of Famzhi Interbiz Ltd, Mariam Sulaiman has been sentenced to five years imprisonment over an investment scam.
She was jailed for defrauding investors of over ₦2 billion. The jail term has no option of fine.
This was done in order to boost the activities of the Securities and Exchange Commission (SEC) and to discourage others from fraud.
Justice of the Federal High Court, Inyang Ekwo found Mariam and Famzhi Interbiz guilty on counts one and two of the charge brought against them by the Federal Government.
He also stated that all properties belonging to the two defendants be sold and the proceeds thereof used to compensate victims of the crime.
“The SEC had in a Public Notice released three years ago disclaimed the activities of Famzhi Interbiz Limited, warning that neither the entity nor the ‘products’ they offered were registered or regulated by the Commission.
“The SEC further stated that despite being unregistered, the company had proceeded to unlawfully solicit funds from the investing public with the promise of guaranteed “Returns on Investment” in clear violation of the Investments and Securities Act (ISA) 2007.”
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