By Clinton McGregor
Lawyers representing Hugh Croskery, a former senior director of Stocks and Securities Limited, have applied to the Supreme Court to have him removed as a defendant in the legal battle between the Financial Services Commission (FSC) and other top officials at SSL.
The parties for both sides were back in court Thursday making legal arguments.
In April, the Supreme Court lifted an injunction that had been imposed on Mr. Croskery, who founded the investment firm.
The Financial Services Commission had brought the injunction in January against Mr. Croskery and other top members of the fraud-hit firm, blocking them from winding up the company or liquidating its assets after taking temporary control of the firm.
SSL has been at the centre of a multi-billion dollar fraud probe.
The Financial Investigations Division reported Wednesday that the fraud at the investment firm has ballooned to more than US$30 million or nearly J$5 billion, affecting some 200 clients.
In the meantime, the St. Andrew Central Police are also investigating a break-in at SSL's Hope Road offices on Wednesday night.
Five laptops were reportedly stolen by the burglars.
The breach was discovered about 7 o'clock Thursday morning.
A highly placed source told Radio Jamaica News that the theft of the laptops will not affect the fraud investigation.
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