The Securities and Exchange Commission said in a notice on Tuesday that Balogun was arraigned on one count of impersonation contrary to Section 179 of the Penal Code Law, Chapter 89 before Magistrate Ibrahim Mohammed of Senior Magistrate Court Zone 6, Wuse, Abuja.
SEC said Balogun was, therefore, convicted under Section 179 of Penal code and sentenced to one-year imprisonment without an option on fine.Afrinvest had in September written SEC to report an impersonation. Mandiya said, “He operated two different accounts with two different names. The real name of the culprit is Balogun Tanko Damilola and he went ahead to open another online account with Olalekan Balogun in Ecobank.
The acting Director-General, SEC, Ms Mary Uduk, urged investors to be wary of any investment proposing a return level that was unreasonably high.
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