Stocks and Securities Limited (SSL)
.png)
David Geddes, Director of Stakeholder Engagement, Communication and International Relations at the Financial Services Commission
By Halshane Burke
In the wake of a multi-million dollar fraud racket uncovered at the investment firm, Stocks and Securities Limited (SSL), the Financial Services Commission (FSC) announced Monday that it has appointed a special auditor for the firm to ensure the protection of investor's funds.
This appointment follows implementation of an enhanced supervisory regime for the investment company, announced last week by the FSC.
Reports surfaced last week that the accounts of about 40 clients of the financial entity, including world record holder Usain Bolt, were defrauded of millions of US dollars totalling some J$12 billion.
A former SSL manager is at the centre of the investigation.
David Geddes, Director of Stakeholder Engagement, Communication and International Relations at the Financial Services Commission, says the special auditor will assist the commission in its enhanced supervision of the investment company and the continuing investigations into its operations.
The FSC has said SSL can continue operations but all its transactions must be approved by the commission.
Mr. Geddes insisted the fraudulent activity at the investment firm was not a failure on the part of the regulator.
"Fraud is an internal matter that, under normal circumstances...wouldn't be something that the FSC would be aware of, unless somebody complained about a transaction that was done without their permission or something. But we don't have oversight of the various actions... save and except when we have enhanced supervision, which we have now," he explained.
comments powered by Disqus
All feeds
