In a major development in the investigation into allegations of fraudulent activity at Stocks & Securities Limited, the founding member and former director at the investment firm, Hugh Croskery was taken into custody on Saturday for questioning during a coordinated operation led by the Financial Investigations Division.
His attorney, King's Counsel Peter Champagnie, confirmed his arrest, but declined to comment further.
According to a statement issued earlier in the day by the FID, the operation targeted four premises - three in St Andrew and one in St James - as part of the ongoing probe into the multibillion dollar fraud at SSL.
Teams from the Constabulary Financial Unit, the Special Operations formation of the Counter-Terrorism and Organised Crime Investigation Branch and the Major Organised Crime and Anti-Corruption Agency were also involved in the targeted raid.
The operation marks the first major public law-enforcement development in the SSL case in more than a year.
The fraud scandal first came to public attention in January 2023. The lone accused in the matter is former SSL employee Jean-Ann Panton, who was charged with multiple offences in February 2023.
In December 2023, the FID submitted a case file to the Office of the Director of Public Prosecutions, signalling the possibility of further charges.
However, the Director of Public Prosecutions has since indicated that outstanding issues remain, which have affected the assessment of the file.
Welljen Limited, a company owned by sports legend Usain Bolt is among more than 200 affected clients of Stocks and Securities Limited.
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