A Lagos High Court on Tuesday jailed serial fraudster, Segun Bright, 63 years for N4.9million fraud.
The convict who had a 21-count charge preferred against him by the Economic and Financial Crimes Commission (EFCC) would however spend three years in jail.
The sentences are to run concurrently beginning from December 16, 2014.
Justice Oluwatoyin Ipaye found the convict guilty of defrauding over 40 persons of N4.9 million through an investment scam.
The trial judge handed down the sentence after Bright had pleaded guilty to the 21-count charge.
The convict was sentenced to three years imprisonment on each of the 21 count charges.
EFCC counsel, Mr Emmanuel Jackson, told the court that Bright swindled more than 40 persons through a fraudulent investment scheme.
Jackson said the convict, through his company, Wexford Global Resources Ltd, committed the offence between 2008 and 2010 in Lagos.
He said Bright collected various sums, ranging from N10, 000 to N615, 000, from different people with the promise to re-invest the funds for high returns.
Jackson said following series of complaint sent to the EFCC, the convict was later arrested and charged to court.
He said the offence committed by Bright contravenes Sections 383 (1) and (9) of the Criminal Code, Laws of Lagos State 2003.
