By Peter OBIORA investadvocate.

Oct 07 Lagos investadvocate -The Chartered Institute of Stockbrokers CIS has today Thursday October 07 sanctioned two erring Stockbrokers for allegedly selling shares belonging to investors without mandate.

This was contained in a document made available to investadvocate in Lagos Nigeria. The document dated October 07 by Order of the Disciplinary Tribunal was signed by K.

Chartered Institute of Stockbrokers (CIS) | Toscany Academy

Audu, Secretary- Disciplinary Tribunal of the CIS. The two Stockbrokers involved conducted the illegal Transaction using the machinery of Foresight Securities and Investment Limited Member of the Nigerian Stock Exchange NSE.

Francis Oladoyinbo Ariremako respectively without their knowledge. This offence the document affirms is contrary and punishable under Regulation 5 vi and 5 xvi of the Members Regulations and Code of Conduct and section 11 i a of the CIS Act of Francis Oladoyinbo Ariremako on February 21 ; which was brought by one Mrs.

Bose Dinyo before proceeding to sell the shares of both respondents. This the CIS affirms is punishable under Regulation 6 a ii of the Members Regulation and Code of Conduct and Section 11 i a of the Institutes Acts of While the third Count Charge slammed on the two Brokers was making payment of the proceeds of the sale of the shares of the two investors to Mrs. Dinyo who purportedly brought the sworn affidavit and fake mandate letter for the shares to be sold.

Laws of the Federation of Nigeria - CHARTERED INSTITUTE OF STOCKBROKERS ACT

The above is also an offence contrary to and punishable under Regulation 5 vi and 6 a ii of the Members Regulations and Code of Conduct and Section 11 i a of the CIS Act of The document affirmed that the Institute having seen and considered the evidence adduced, and having heard the plea of not guilty to the Count Charges by both Brokers; thereby finds them guilty of all the three charges.

However, the CIS Disciplinary Tribunal directed that the two guilty Market Operators are given one month from today Thursday October 07 to buy back and restore all the shares and accrued benefits which include bonuses and dividends where applicable.

Also, the Respondents are to be reprimanded in writing by the Registrar of the Institute. CNN Al jazeera TVC News AIT Channels TV BBC CNBC News Websites: News Premier League The Will Proshare Huhuonline Financial Times more.

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