KINGSTON, Jamaica — Sun Investments Manager Clifton Williams, who pleaded guilty to breaches of the Bank of Jamaica (BoJ) Act when he faced the courts on May 19, was yesterday sentenced to 12 months’ imprisonment or a fine of $300,000 when he appeared in the St James Parish Court.

According to the Financial Investigations Division (FID) under the Ministry of Finance and Public Service, his co-accused Chairman Vernal Campbell and Director Earl Swaby will not be pursued as Williams confessed to acting alone and without their knowledge in operating the business contrary to the BoJ Act.

Williams, along with Campbell and Swaby, were charged between May 6 and May 13 this year, with breaching Section 22A (ii and iii) of the Bank of Jamaica Act — that is, the buying, selling, borrowing and lending of foreign currency without being an authorised dealer.

The company, which was registered and started operation in 1994, had its license revoked by the Bank of Jamaica in 2018, said FID, adding that the reasons for revocation are tied to running afoul of the rules which govern the operation of cambios under the BoJ Act.

The FID noted that Sun Investments primary business was as a cambio and said there was no evidence of any other type of financial activity.

Speaking on the matter, FID’s Principal Director Keith Darien said, “This case was completed quickly; it took less than a month from charges to sentencing. This is the result of the thorough investigative work done by the FID and Constabulary Financial Unit. We have dozens more cases before the courts and in the pipeline, we will get the results.”