A money manager at Trade Sense Limited has been charged with fraudulently handling client funds totaling Sh 212,160,458.
Michael Gitonga appeared before Milimani Principal Magistrate Ben Mark Ekhubi, where he denied the charges.
Gitonga faces four counts, including illegally handling client funds, converting them for personal use, and obtaining money by false pretenses.
The court heard that between April 2022 and August 2024, Gitonga allegedly misappropriated funds intended for online forex trading, instead using them for personal gain.
According to the prosecution, while acting as a licensed money manager, Gitonga fraudulently obtained over Sh1.3 million from Ingotse Boys 95 Investment Company and Sh1.1 million from an individual investor, Dennis Odero Ndire, under the pretense of making profitable forex investments.
It is alleged that he knowingly misled investors, despite being fully aware that he could not fulfill his promises.
The prosecution opposed his release on lenient bail terms, arguing that the magnitude of the financial loss warranted stricter conditions.
The court granted Gitonga a bond of Sh10 million or an alternative cash bail of Sh5 million. Additionally, he must provide three contact persons, one of whom must be a civil servant.
The case will be mentioned on February 17th