CEO of microfinance company jailed for defrauding 154 clients

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The Chief Executive of microfinance company Pryme Hedge Investments, Richard Appiah, has been sentenced to 20 years imprisonment with hard labour by the Accra High Court for defrauding 154 people of more than GH¢5 million under the pretext of investing their money.


Appiah pleaded not guilty to a charge of defrauding under false pretences but was found guilty by the Financial and Economic Crime Division of the Accra High Court, presided over by Mrs Justice Afia Serwah Asare-Botwe.

He is reported to have collected over GH¢5 million from his clients with a promise to invest the money to accrue returns, but the clients did not receive the returns as promised.

In a judgement yesterday, the court held that per the evidence on record, Appiah indeed defrauded his clients.

“The prosecution proved beyond reasonable doubt that the accused person indeed committed the crime,’’ the court stated.

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