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Relaible Boss Out on 2M Bail after arrest.
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andycapp
#1 Posted : Tuesday, April 21, 2009 2:37:00 PM
Rank: Member


Joined: 12/21/2007
Posts: 63

Former NSSF Managing Trustee Joseph Konzolo & Current Managing Director of RELIABLE SECURITIES LTD has been charged with conspiracy to defraud Barclays Bank of Kenya over 100 million shillings.Konzolo was charged alongside Dickson Jared Njoga.

It is alleged that they committed the offense between 7th and 10th April this year at Barclays Bank Avon center in Industrial area.

The duo also faces another count of stealing over 49 million shillings property of Barclays Bank.

They pleaded not guilty and were released on a cash bail of 2 million shillings each.

The case will be heard on the 28 of May this year.


What exactly is going on with this dude now? anyone with inside info?
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Lollipop
#2 Posted : Tuesday, April 21, 2009 2:45:00 PM
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Joined: 11/21/2007
Posts: 12
http://www.kbc.co.ke/story.asp?ID=56923

I pity his current clients at reliable. Personally i got my money and left,neva looking back,wheres that integrity he always preaches?

Chance Favours the prepared mind.
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VituVingiSana
#3 Posted : Tuesday, April 21, 2009 3:08:00 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,057
Location: Nairobi
At this rate,banks will not want accounts from stockbrokers... Other banks with similar problems include K-Rep,Equity & Chase...

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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stockyt
#4 Posted : Tuesday, April 21, 2009 4:32:00 PM
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Joined: 9/15/2006
Posts: 41
Iam surprised that Konzolo could be in such a situation. i had thought he was too refined for this,i mean stealing from barclays bank must be rather crude. but with the cash strapped stockbrokers,maybe this may not be strange. by the way this seems related to the business because that other guy is the accountant at reliable. I just hope that cma will closely monitor mwananchi's shares at the brokerage.

@VVS what do you mean about equity,chase.... having same problem?
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VituVingiSana
#5 Posted : Tuesday, April 21, 2009 9:43:00 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,057
Location: Nairobi
Some of the banks (Equity,Chase) opened accounts for brokers who started playing games... I think EB suspended these accounts.

Greedy when others are fearful,Very fearful when others are greedy - to paraphrase WB
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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DeeKay
#6 Posted : Wednesday, April 22, 2009 9:44:00 AM
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Joined: 4/22/2009
Posts: 2
Without taking any sides here I don't think we should be jumping to any conclusions just yet. Personally,I feel there is a logical eplanation to all of this. Sadly,the media often gets things wrong and the damage is irrevocable! I know of numerous cases of irresponsibility on the part of the press..

My position is to wait and let the story unfold..
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Kwanini
#7 Posted : Wednesday, April 22, 2009 12:17:00 PM
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Joined: 1/28/2009
Posts: 353
Location: Cloud
@DeeKay- Why would you register today to 'blame' the media.
If you have been in the corridors of justice,99.9% you are GUILTY,if you are given CASH BAIL of above 500k. Your man got CASH BAIL 2m. Do you know why? That is the gravy train that shall keep the case going....and he shall be dry by the time wasanii are through with him. Do you know the guy does not face one charge,not even one case? Let Unreliable chaps suffering pecuniary embarassment get out of the NSE. period.

For i am the master and the captain of my fate !
"For i am the master and the captain of my fate"
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Eddy
#8 Posted : Wednesday, April 22, 2009 2:05:00 PM
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Joined: 7/20/2006
Posts: 277
@ kwanini and the rest........ why is it so important as to when one joined and what they are contributing,i find a lot of crap from guys who contribute immensely and joined ages ago....
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Aggond
#9 Posted : Wednesday, April 22, 2009 2:59:00 PM
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Joined: 5/14/2007
Posts: 10
@Shiro
Eventually the truth shall come out and we shall know the truth :: wether he is guilty or not.


Invest for the Future.
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andycapp
#10 Posted : Wednesday, April 22, 2009 3:50:00 PM
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Joined: 12/21/2007
Posts: 63
Just heard it :
Reliable have been suspended from trading for 10 days. Seems the trouble was deeper than we were being told.
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eli
#11 Posted : Wednesday, April 22, 2009 7:48:00 PM
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Joined: 6/17/2008
Posts: 294
Theft will never end. You steal 49M and you are out on a bail of 2M? Then pay a lawyer 1M,then pay the judge 2M,and then the ' case ' is thrown out,or the file goes ' missing ' and you enjoy a whoooooooooooping 40M. How sweet!

But you shall remember the LORD your God,for it is He who is giving you power to make wealth,that He may confirm His covenant which He swore to your fathers,as it is this day. Deu 8:18
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across
#12 Posted : Thursday, April 23, 2009 7:24:00 AM
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Joined: 5/7/2008
Posts: 54
read in today's nation that he was unable to raise the 2m immediately and thus had to spend the night at industrial area police cells..weird i must say..
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Gideonboots
#13 Posted : Thursday, April 23, 2009 7:46:00 AM
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Joined: 12/27/2006
Posts: 17
As the chairman of Kenya Stockbrokers' association.

N-way what were his mandate somebody explain??


Hand that Giveth Receiveth
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adept
#14 Posted : Thursday, April 23, 2009 8:14:00 AM
Rank: Member


Joined: 12/8/2008
Posts: 359
1. Make life difficult for EBL.

2. Create a 2nd centre of power among the stockbroker fraternity that would rival the NSE Chair.

3. Deflect attention from brokers inadequacies by eternally blaming Citibank and the Safaricom IPO for all their problems.
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andycapp
#15 Posted: : Thursday, April 23, 2009 8:21:00 AM
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Joined: 12/21/2007
Posts: 63
Jos Konzolo has just resigned as Chairman of the Stockbrokers & Investment Bankers Association.
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dashauto
#16 Posted : Thursday, April 23, 2009 9:12:00 AM
Rank: Member


Joined: 12/29/2008
Posts: 16
Ati Konzolo resigns!! 'read Pushed out '- In life you have to know who to push around. Asi! Some people will never learn. I mean It.


God is never PUZZLED!!!!!!!
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