A middle-man accused of withholding the full proceeds of a sale from the seller was yesterday released on $500,000 bail after he was charged with fraudulent conversion.
Oswald Inniss, 39, of Crane Housing Scheme, East Bank Demerara, pleaded not guilty to the charge when it was read to him by Magistrate Judy Latchman at the Georgetown Magistrates’ Court.
It was alleged that on March 2, at Georgetown, being entrusted by Elton Hoyte with an amplifier and other items all totaling $132,000, to sell and return the proceeds, Inniss fraudulently converted the proceeds to his own use.
Inniss, when given a chance to relate his side to the court, stated that he had paid Hoyte for some of the articles already.
He said that he did not pay him the remainder of the money because he did not have the cash at the time. He said that because of this, Hoyte became angry and reported the matter to the police.
The prosecution did not object to Inniss being granted bail, which was set at $500,000. The case was adjourned until March 19.
