Francis Moturi, a former manager of the National Social Security Fund (NSSF), was found guilty in a Sh1.6 billion fraud case.
Isack Nyakundi, Wilfred Munyoro, and David Githaiga, former investment managers at Discount Securities Limited (DSL), were also found guilty by Trial Magistrate Lawrence Mugambi.
Discount Securities Limited was also found guilty by Mugambi.
The prosecution proved its case beyond reasonable doubt, according to the Magistrate, in which they are accused of defrauding the NSSF of Ksh.1.6 billion by purchasing non-existent shares between August 2002 and July 2007.
He said that NSSF paid Sh1.4 million for shares that DSL never obtained.
The court stated that Moturi never bothered to investigate the claims after they were made, and that the loss occurred over a four-year period and was only discovered after he was replaced.
Sentencing has been pushed back to Monday of next week