The Securities and Exchange Commission (SEC) on Tuesday arraigned

SEC said in a statement on Tuesday by its Spokesman, Naif Abdussalam, that the offence was contrary to the Lagos State Criminal Code.

The prosecution alleged that Akinsemoyin belonged to a racketeering syndicate in the capital market.

The accused was arrested by SEC Police Unit for alleged involvement in fraudulent transfer and sale of 53,592 shares of Nigerian Breweries PLc belonging to late Mwakama Chioma.

SEC alleged that the accused person forged the international passport of late Mwakama, bearing his photograph, approached Vision Trust Ltd and processed an illegal transfer and sale of the shares.

It further alleged that the accused subsequently used the same passport to open a bank account at Diamond Bank, where the illicit proceeds of the sale was deposited for his use.

The accused, who pleaded not guilty, was granted N500,000 bail and a surety in like sum.

The judge, Yewande AjeAfunwa, ordered the surety to show evidence of tax payment and stable job, office and residence address to be verified by the registrar of the court.

The judge also ordered the accused to be remanded in kirikiri Prison pending fulfillment of the bail conditions.

SEC had in a similar case of capital market scam in September preferred criminal charges of conspiracy, breach of trust and cheating contrary to the Penal Code Law against the Deputy Managing Director of BGL Company, Chibundu Edozie, at Chief Magistrates’ Court Zone 6, Abuja.