The fraud scandal at investment firm, Stocks and Securities Limited (SSL), has taken a new twist as the Financial Services Commission (FSC) is today taking temporary management of the entity.
Kenneth Tomlinson of Business Recovery Services Limited has been appointed as the temporary manager, FSC further announced.
The commission, in a release on Tuesday, served notice of the move pursuant to its powers under Section 8(b) of the Financial Services Commission Act.
The FSC said the latest step follows the appointment of Tomlinson as special auditor, effective January 13, and “further supports the FSC in its enhanced supervisory oversight of SSL”.
The regulator moved in when it became aware of allegations of fraud at the licensed securities dealer, which has been in existence for about 50 years.
SSL was renamed from Paul Chen-Young & Company in 2006.
Sprint sensation Usain Bolt is among over 30 persons affected by the alleged fleecing of millions from their investment accounts.
The Jamaica Constabulary Force’s Fraud Squad and the Financial Investigations Division (FID) are among local law enforcement agencies involved in the complex probe of the alleged fraud racket.
