The suspects, alongside a stock broking firm, known as CSL Stockbrokers, were arraigned on eight-count charge bordering on conspiracy, unlawful conversion and fraud.
In the charge sheet marked FHC/L/397c/18, the commission alleged that the suspects and the stockbroking firm, on or about June 25, 2015, conspired to convert 298, 550 units of shares of Guinness Nigeria Plc, Nestlé Food Plc, Julius Berger Plc, Unilever Nigeria Plc, Nigeria Enamelware Plc and Union Bank Plc belonging to one late Joseph Adeyemi.
The shares were said to be worth N34 million.
They were also alleged to have between June 2, 2015 and June 14, 2017, concealed the sum of N58. 7million allegedly derived from fraud and retained same in their account.
The accused, however, pleaded not guilty to the charges.
After their pleas, the Prosecutor, Mr Nnaemeka Omenwa, urged that the suspects be remanded in custody, while seeking for a trial date.
The defence lawyer moved a bail application on behalf of the suspects, adding that same motion had been served on the prosecutor.
Consequently, Justice Chukwujekwu Aneke, adjourned until Feb. 8 for ruling on the bail applications.
The offences contravenes the provisions of Sections 15(2)(b), 15(2)(a), 15(2)(d) and 18 of the Money Laundering (Prohibition) Act, 2011.