FSC takes over securities entity temporarily
Published:Monday | July 26, 2010 | 12:00 AM
The Financial Services Commission (FSC) remains in full control of Lorreston Bailey, Licensed Securities Dealer.
The FSC assumed full and exclusive powers of the management and control of the licensee on Friday morning in keeping with FSC Act.
According to the FSC, the assumption of the management of the company is temporary.
The take-over comes less than a month after the FSC issued a cease and desist order on Lorreston Bailey, Licensed Securities Dealer, and Deborah Bailey.
The order demands that Lorreston Bailey, Licensed Securities Dealer, and Deborah Bailey immediately stop conducting securities business.
According to the commission, it has reason to suspect that the entity has committed an offence under the FSC Act.
The FSC says the company has given false statements concerning its affairs.
It also says the entity is broke, since it owes much more than it now has in assets.
The commission is also reporting that Lorreston Bailey, Licensed Securities Dealer, is contravening directions it issued on March 16, 2010, pursuant to the FSC Act.