Miguel Lopez A court in Nigeria recently passed judgment on a peer-to-peer cryptocurrency trader, finding him guilty of orchestrating a scheme involving pig slaughtering, which was deemed fraudulent. The Economic and Financial Crimes Commission (EFCC) stated that the trader’s illicit actions were in violation of the Cybercrimes (Prohibition, etc.) Act of 2015.
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Verdict on Cybercrime-Related Offenses
Justice Nicholas Oweibo of the Federal High Court rendered the verdict, ruling that the defendant, Lawrence Success Karinate, must pay a monetary penalty amounting to $257.90 or its equivalent in Nigerian currency, N200,000. The EFCC, responsible for the prosecution, specified that Karinate was charged with a single count of a crime “pertaining to cybercrimes.”
The violation was cited as a breach of Section 22(2)(b) of the Cybercrimes (Prohibition, etc.) Act of 2015.
Anatomy of the Fraudulent Pig Slaughter Operation
Elaborating on the modus operandi of the fraud, the EFCC clarified:
“In 2023, within the jurisdiction of the court, Lawrence Success Karinate, with fraudulent intent, misrepresented himself on social media platforms as a female fashion influencer named ‘Jessie Randall’ to an unwary public, with the aim of accruing benefits for himself. This action is considered an offense and is punishable under Section 22(2)(b) of the Cybercrimes (Prohibition, etc.) Act, 2015.”
Upon admitting guilt to the charge, Karinate was apprehended by agents of the EFCC in the Lekki region of Lagos State on May 26, 2023. During the arrest, a mobile phone was seized, which had been employed in the execution of the fraudulent scheme. According to the EFCC’s records, Karinate acknowledged that he had amassed $2,000 as a result of the scheme.
Your opinions on this case are welcomed. Kindly share your thoughts in the comments section that follows.
Frequently Asked Questions (FAQs) about Nigerian court convicts P2P cryptocurrency trader
What crime was the P2P cryptocurrency trader convicted of?
The peer-to-peer cryptocurrency trader, Lawrence Success Karinate, was convicted of running a fraudulent pig slaughtering scheme. This activity was identified as a violation of the Cybercrimes (Prohibition, etc.) Act of 2015.
Who prosecuted the case?
The Economic and Financial Crimes Commission (EFCC) was responsible for prosecuting the case.
What punishment did the court impose on the accused?
Justice Nicholas Oweibo of the Federal High Court ruled that Lawrence Success Karinate must pay a fine equivalent to $257.90 or N200,000 in Nigerian currency.
How did the accused perpetrate the fraud?
Lawrence Success Karinate misrepresented himself on social media platforms as a female fashion influencer named ‘Jessie Randall’ with the intent to defraud unsuspecting members of the public.
When and where was the accused arrested?
The accused was arrested by agents of the EFCC in the Lekki region of Lagos State on May 26, 2023.
What evidence was recovered at the time of the arrest?
At the time of his arrest, a mobile phone was seized, which had been used to execute the fraudulent scheme.
How much money did the accused admit to gaining from the scheme?
According to the EFCC’s records, Lawrence Success Karinate admitted to gaining $2,000 from the fraudulent scheme.
What section of the law did the accused violate?
The crime committed was in contravention of Section 22(2)(b) of the Cybercrimes (Prohibition, etc.) Act of 2015.
More about Nigerian court convicts P2P cryptocurrency trader
- Cybercrimes (Prohibition, etc.) Act of 2015
- Economic and Financial Crimes Commission (EFCC)
- Federal High Court of Nigeria
- Cybercrime Laws in Nigeria
- P2P Cryptocurrency Trading
6 comments
This is why regulations in crypto are actually important. Stuff like this give the whole industry a bad name.
So he used a mobile phone to run the whole scam? Mobile tech really making crimes easier. Sad.
interesting that this went to a federal court. Cybercrimes are getting more serious attention these days.
Wow, can’t believe ppl still fall for scams like this. I mean, pig butchering, really??
Isnt this another reason why we should be cautious bout trading crypto P2P? I mean its kinda risky.
smh, embarrassing for us Nigerians. We’re not all like this guy, promise.