Enhanced oversight for SSL following allegations of fraud
Published:Thursday | January 12, 2023 | 8:36 PM
The Financial Services Commission (FSC) said it has issued directions to Stock and Securities Limited (SSL), one of its licensees, in light of reports of allegations of fraud at the entity.
The Gleaner reported earlier today that a former employee at SSL has been implicated in a massive fraud at the entity, which includes millions of dollars missing from sprint legend Usain Bolt's accounts.
READ: https://jamaica-gleaner.com/article/news/20230112/millions-missing-usain...
The directions, the FSC said, which were dispatched to the Jamaican investment firm today, “are a supervisory tool to allow the FSC to engage an entity in a process of enhanced oversight”.
“In the case of SSL, this enhanced oversight reflects the need for the FSC to have a full view of the integrity of the transactions being conducted, including the movement of funds, and of securities into and out of SSL,” a statement from the FSC said.
Under the directions, SSL can still conduct business on behalf of its clients but with the oversight and approval of the FSC.
The FSC said it will simultaneously continue its investigations into matters related to SSL.
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