FSC takes temporary management of fraud-hit SSL
Published:Tuesday | January 17, 2023 | 10:10 AM
The Financial Services Commission (FSC) is today taking temporary management of the fraud-hit investment firm, Stocks and Securities Limited.
Kenneth Tomlinson of Business Recovery Services Limited has been appointed as the temporary manager.
The FSC said in a media release today that it served notice of the move pursuant to its powers under Section 8(b) of the Financial Services Commission Act.
The FSC said the latest step follows the appointment of Tomlinson as special auditor, effective January 13, and "further supports the FSC in its enhanced supervisory oversight of SSL".
The regulator moved in when it became aware of allegations of fraud at the licensed securities dealer, which has been in existence for about 50 years.
SSL was renamed from Paul Chen-Young & Company in 2006.
Reports indicate that the amounts defrauded may be more than $1.5 billion, with more than 20 SSL clients being affected, including retired sprint legend Usain Bolt.
The Gleaner reported today that SSL was flagged in 2017 by staff of the FSC for a “culture of non-compliance and mismanagement of client funds.”
The opinion is contained in an explosive eight-page report prepared by the FSC in February 2017 ahead of a meeting with SSL representatives who were trying to convince the regulators not to suspend its licence.
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