Former Stocks & Securities Limited director Hugh Croskery, his daughter Sarah Meany, and ex-CEO Zachary Harding are being questioned by the authorities on "reasonable suspicion" of breaching multiple financial and corporate laws.
The Financial Investigations Division also says multiple electronic devices and documents related to the collapsed investment firm were seized during Saturday's pre-dawn operations in St Andrew and St James as part of the ongoing investigation into the collapsed investment firm.
The Financial Investigations Division says investigators are assessing all matters arising and forensically inspecting all evidence collected
Croskery, the founder of SSL, his daughter and her husband Dermot were taken from separate premises in St Andrew and Kempshot district, St James during the coordinated operations that included FID, the police and the Major Organised Crime & Anti-Corruption Agency.
The FID said Croskery and Meany were taken into custody on "reasonable suspicion" of breaches of the Bank of Jamaica Act, the Securities Act, the Larceny Act and the Banking Services Act.
Harding reported to investigators Saturday afternoon to be questioned in the presence of his attorney. He's being interrogated on reasonable suspicion of breaching the Bank of Jamaica Act, the Securities Act, the Banking Services Act and the Companies Act.
Meany's husband, Dermot Meany, was arrested for an alleged breach of the Firearms Act, which the FID claimed was discovered during the operation.
The FID said Dermot Meany, a licensed firearm holder, was found in possession of ammunition exceeding the legally permitted amount .
According to the FID, documents related to SSL and multiple electronic devices were among the items seized at the premises where Meany was held.
Earlier, the FID said its operations were linked to alleged fraudulent activity at SSL, which became public in January 2023.
To date, the only person charged is former SSL client relationship manager Jean-Ann Panton, who was slapped with multiple offences in February 2023.
Panton has claimed that her initial confession was made under duress, due to an alleged "offer" from Hugh Croskery. She has since recanted the confession and denies any involvement.
Croskery has denied the allegation.
The FID previously indicated that more than 200 client accounts were affected in the alleged fraud, which it said involved more than US$30 million. A company owned by sports legend Usain Bolt is among the impacted clients.
Earlier this year Bolt expressed displeasure over the pace of investigations
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