UPDATE: FSC intervenes in SSL employee fraud
The Financial Services Commission (FSC), the regulatory body for financial institutions in Jamaica, has frozen the business activities of Stocks and Securities Limited in light of “SSL’s exposure to possible fraudulent activities based on SSL’s letter to the FSC dated January 10, 2023, and the implications… for the solvency of the entity.”
The FSC issued the Directions this morning pursuant to section 8(1)(b) of the Financial Services Commission Act. The Directions impose strict reporting requirements on the entity, and prevent the entity from disposing of any assets. Based on the FSC directions, SSL is barred from issuing funds to clients or accepting new deposits until permitted by the FSC.
Earlier today, SSL announced that internal investigations uncovered fraudulent activities by a former employee, and that the matter was reported to the authorities by management. SSL is Jamaica’s second oldest licensed securities dealer, majority owned by the Croskery family.
