The Nigerian entrepreneur, Obinwanne Okeke, who was arrested by the Federal Bureau of Investigation (FBI) last week, was arraigned in court on Monday 26, at about 2 pm.
Obinwanne Okeke pleaded not guilty to the two-count charge of wire and computer fraud that was charged against him by the prosecution.
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The trial of the Forbes 30 under 30 entrepreneur accused of orchestrating the theft of $11 million from a foreign subsidiary of American heavy equipment manufacturer, Caterpillar commenced on Monday. The US Magistrate, Douglas Miller who described the case as complex, ruled that Mr Okeke be remanded in prison custody till the 18th day of February 2020.
The Nigerian businessman who was marked as a flight risk by US Authorities reportedly waived his right to a speedy trial on his arraignment.
Recall that The herald News reported last week that Obinwanne Okeke may be facing up to 30 years in prison if convicted.
Also, according to the recommendation of the grand jury that indicted him, he may be made to forfeit at least $11 million in cash and asset or both if found guilty. If convicted, it is also expected that he will forfeit the emerald cut engagement ring found on him when he was arrested.