A Nigerian man has been sentenced to one year in prison for defrauding an American of $115,000 in a Bitcoin scam, highlighting the growing concern over cryptocurrency fraud.
One Praise Humphrey Igbo has been sentenced to one year imprisonment for swindling an American of $115,000.
The defendant, also known as Jessica Allen, was convicted and sentenced by a High Court in the Federal Capital Territory, FCT, on Thursday.
He was arraigned by the Economic and Financial Crimes Commission, EFCC, on one-count charge of internet crime, criminal impersonation, obtaining money under false pretenses, and money laundering.
According to a statement by the EFCC, Igbo deceived an American victim, Aaron Baker, by posing as “Jessica Allen,” a successful cryptocurrency trader.
The anti-graft agency told the court that Igbo “fraudulently obtained 5.26 Bitcoins worth One Hundred and Fifteen Thousand Dollars ($115,000) by false pretense,” an act described as contrary to Section 321 of the Penal Code Act Abuja, Cap 532 LFN 2004, and punishable under Section 324 of the same Act.
Igbo pleaded guilty to the charge, prompting the EFCC counsel, M.K. Hussain, to request his conviction and sentencing.
In his judgement on Thursday, Justice Abba-Aliyu sentenced Igbo to one year in prison with an option of a N1 million naira fine.
She also ruled that funds recovered from Igbo and money in his bank account, should be used to restitute the victim through the American Embassy.
