Clients of Stocks and Securities Limited (SSL) were met with locked gates on Friday.
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FSC Executive Director Everton McFarlane and Tamika Harris, the attorney is representing the former SSL manager
By Jodi-Kaye Stewart
Clients of Stocks and Securities Limited (SSL) were met with locked gates on Friday, less then 24 hours after news broke that more than a billion dollars had been defrauded from the company's investors.
When Radio Jamaica News visited SSL's Hope Road offices, we were told the business was open.
However, further checks indicated that the office was indeed closed to customers on Friday.
Our sources were unable to say when regular business operations would resume.
Radio Jamaica News was informed that the company is continuing its due diligence to determine the true extent of the fraud.
The Financial Services Commission has instituted enhanced oversight on Stocks and Securities Limited, as the investigations continue.
This means the company can continue to do business, however, the FSC will be combing through transactions and monitoring the movement of funds and securities into and out of SSL.
Speaking Thursday evening on Radio Jamaica's Beyond the Headlines, FSC Executive Director Everton McFarlane urged the public not to panic.
The JCF's Fraud Squad and the Financial Investigations Division are investigating the matter, involving a former manager at SSL.
It is alleged that the woman defrauded more than $1 billion from about 40 of the investment company's clients, including sprint legend Usain Bolt.
The woman's attorney, Tamika Harris, says her client not yet been charged.
She says, however, the woman is willing to cooperate with investigators.
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