CEO, Arerben Ventures Bags 3 years jail term, loses 9 properties to FG over N5bn Investment Scam
CASE NUMBER 10942:
CEO, Arerben Ventures Bags 3 years jail term, loses 9 properties to FG over N5bn Investment Scam

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Alleged Perpetrators(s)
David Wealth Ezuzu

Location (Town / State)
Benin, Edo

Date of Event
05 Jul 2012

Date of republication
05 July every year


Case category (Choose all that apply)
fraud

Case Summary
David Wealth Ezuzu, an investment fraudster, was given a three-year prison sentence by Justice Efe Ikponmwonba of the Edo State High Court in Benin City for defrauding unsuspecting members of the public by acquiring more than N5 billion under the guise of investing in forex trading.

Full story
Ezuzu, the CEO of the investment firm Arerben Ventures, was charged by the Economic and Financial Crimes Commission's Benin Zonal Command with one count of gaining by false pretense. The defendant entered a plea of guilty to the charge, according to a statement released by EFCC spokesperson Wilson Uwujaren on Wednesday.
Francis A. Jirbo, the prosecutor's attorney, asked the court to convict and punish him in accordance with his plea. The defense attorney, A. Afamefena, urged the court to balance justice with mercy because the crime's victims will be compensated.
Justice Ikponmwonba found Ezuzu guilty and sentenced him to three years in prison with the possibility of a fine of N2 million, while his firm, D.W. Arerben Global Investment, was found guilty and given a N2 million punishment.
The judge also mandated that the Federal Government, working via the EFCC, forfeit N102, 131.45 from the defendant's business account as well as five other bank accounts in order to compensate crime victims. The defendant was additionally directed by the court to forfeit about nine properties in various parts of Delta State to the Federal Government via the EFCC for the benefit of the crime's victims.

Photo Credit: https://www.efcc.gov.ng/news/8224-n5bn-investment-scam-david-ezuzu-jailed-three-years-loses-nine-asaba-properties-to-fg

External links/URLs
https://guardian.ng/news/fraudster-bags-three-year-jail-term-loses-nine-properties-to-fg/
https://www.efcc.gov.ng/news/8224-n5bn-investment-scam-david-ezuzu-jailed-three-years-loses-nine-asaba-properties-to-fg



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