FSC appoints special auditor for SSL amid fraud probe
Published:Monday | January 16, 2023 | 3:41 PM
Doubling down on its enhanced supervision of licensed securities dealer Stocks and Securities Limited (SSL), the Financial Services Commission (FSC) has appointed a special auditor for the investment firm.
This appointment comes on the heels of the enactment of an enhanced supervisory regime for SSL announced last Thursday.
The special auditor will assist the FSC in its enhanced supervision of the entity and continuing investigations into its operations.
The regulator moved in when it became aware of reports of allegations of fraud at the licensed securities dealer, which has been in existence for about 50 years.
Reports indicate that the amounts defrauded may be more than $1.5 billion, with as many as 40 SSL clients being affected including retired sprint legend Usain Bolt.
The FSC said it issued directions to SSL.
These directions, the FSC said, are “a supervisory tool to allow the FSC to engage an entity in a process of enhanced oversight.”
The enhanced oversight allows 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, the regulator said.
SSL can still conduct business on behalf of its clients but with the oversight and approval of the FSC.
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