Crypto trader convicted of fraud in Lagos court

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The Federal High Court located in Ikoyi, Lagos, has convicted Lawrence Success Karinate, a Peer-to-Peer (P2P) cryptocurrency trader, guilty of computer-related fraud.

In a statement released on Monday, the Economic and Financial Crimes Commission (EFCC) announced that Justice Nicholas Oweibo, presiding over the case prosecuted by its Lagos Zonal Command, convicted Karinate.

The EFCC added that Karinate faced a one-count charge related to cybercrimes, a violation as per Section 22(2)(b) of the Cybercrimes (Prohibition etc.) Act, 2015.

“That you Lawrence Success 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 count read.

Karinate entered a ‘guilty’ plea to the one-count charge filed against him. Following his admission of guilt, the EFCC’s counsel, Usman Abubakar Ahmad, summoned a witness, Taiwo Owolabi, an operative of the anti-graft commission, to present the case’s facts.

Owolabi stated that on May 26, 2023, the defendant, along with others, was apprehended in the Lekki area of Lagos State.

“Upon his arrest, he was brought to the EFCC office, where his iPhone and HP computer were analyzed,” the EFCC said.

“Fraudulent documents were printed out from his devices and he made restitution to the tune of N100,000.00 (One Hundred Thousand Naira).”

“He was further interrogated, and admitted to have engaged in a pig-butchering scam and benefitted the sum of $2000 (Two Thousand United States Dollars) from it.”

The EFCC explained that the pig butchering scam is a form of fraud wherein criminals establish digital relationships with victims to gain trust, ultimately convincing them to invest in cryptocurrency platforms.

Usman proceeded to request the admission of the defendant’s extra-judicial statement, fraudulent documents retrieved from his iPhone and laptop, as well as the management cheque he issued, as evidence.

Justice Oweibo accepted them as exhibits A, B, C, C1, D, and E respectively, and found him guilty as charged.

During his allocutus, Karinate expressed remorse for his involvement in the criminal activity and assured the court that he would never engage in internet fraud again.

His counsel, Chikezie Kingsley, implored the court for leniency, emphasizing that the defendant had no prior criminal record.

In his verdict, Justice Oweibo imposed a fine of N200,000.