Sun Investments manager pleads guilty to banking breaches

WESTERN BUREAU:

Clifford Williams, one of three executives of the Montego Bay-based Sun Investments Limited accused of breaches of the Bank of Jamaica Act, pleaded guilty in the St James Parish Court yesterday and is to be sentenced on Monday, May 31.

Williams, who is the manager of Sun Investments Limited, was charged along with the company’s chairman, Vernal Campbell, and director, Earl Swaby, for operating a financial institution without the requisite authorisation.

While Williams appeared in court before Parish Judge Sasha Smith-Ashley, accompanied by his lawyer, Maurice McCurdy, his co-accused were absent

In making the application for the delay in sentencing Williams, McCurdy told the court that 89-year-old Swaby, who only recently returned to the island, was in quarantine, in keeping with COVID-19 guidelines.

As it relates to Campbell, who is also 89, the court was told that he was ill.

Williams’ bail was extended until his next court appearance. Although he pleaded guilty to the charges, the sentencing hearing will not take place until May 31, so as to allow time for Swaby and Campbell to have their day in court.

Williams, Swaby and Campbell are charged with several breaches of Section 22A (ii and iii) of the Bank of Jamaica Act, which entails the buying, selling, borrowing, and lending of foreign currency without being an authorised dealer. The charges were laid against the three men over the period May 6 to 13.

The men were arrested and charged following a probe by the Financial Investigations Division and Constabulary Financial Unit into reports that the trio were operating an illegal cambio.

editorial@gleanerjm.com