Top-flight defence attorney Peter Champagnie is urging the public to refrain from speculation and allow due process through the courts, after multiple criminal charges were laid against his client, Hugh Croskery, and two other former executives of collapsed investment firm Stocks & Securities Limited (SSL) at the weekend.

“The matter is going to be before the court and we should allow the justice system to work and not rush to any judgement, or be given to any wild speculation,” Champagnie said in a statement to the media on Sunday.

Champagnie’s appeal came ahead of a Financial Investigations Division (FID) update on the matter in which Inspector Brenton Williams, head of the Constabulary Financial Unit (CFU), said the complexity of the investigation into the alleged multi-billion-dollar fraud cannot be overstated.

“The alleged fraud was long-standing and sophisticated. Probing it required a comprehensive review of events dating back to SSL’s inception in 2006, including careful analysis of investor activity and how funds moved across that entire period. Work of this nature takes time and must be done diligently,” Williams said.

“We understand the public’s expectation for swift results, and that delays can be viewed negatively. However, the JCF (Jamaica Constabulary Force), the FID, and our law enforcement partners, including MOCA (Major Organised Crime and Anti-Corruption Agency), have the capacity and expertise to conduct these investigations thoroughly and bring matters forward in keeping with the rule of law,” Williams added.

On Sunday, the FID revealed that SSL founder and former director Croskery, as well as Sarah Meany, and former SSL Chief Executive Officer Zachary Harding, were each charged with fraudulently inducing persons to invest money under section 28 of the Larceny Act; failure to register a company carrying on business in Jamaica, under section 363 of the Companies Act; carrying on a securities business without a dealer’s licence (section 7 of the Securities Act); failure to apply to the [Financial Services] Commission to be registered for securities issued, under section 26 of the Securities Act; and breaches of section 22A of the Banking Services Act.

The FID said that Croskery and Meany had been taken into custody on Saturday following a coordinated early-morning operation at four premises — three in St Andrew and one in St James — by multiple law enforcement agencies.

Croskery, the FID said, was located at a Wickham Avenue address where electronic devices and several documents were seized.

The agency also said that SSL-related documents and multiple electronic devices were seized at Meany’s residence at Kempshot in St James.

Later, Harding reported to the FID and was questioned in the presence of his attorney.

In addition to the FID, law enforcers from the CFU, the Special Operations Unit of the Counter-Terrorism and Organised Crime Investigation Branch (C-TOC), and the St James Police Division participated in the operations. They were supported by MOCA.

On Sunday, the FID said that Croskery, Meany and Harding have been offered bail and are scheduled to appear in court in January 2026.

Saturday’s operations were mounted as the probe intensifies into the alleged multi-billion-dollar fraud at SSL, which came to public attention in 2023.

Approximately $4.7 billion was reportedly unaccounted for and 200 accounts impacted. Among the clients affected was track legend Usain Bolt who has reportedly lost more than US$12 million (approximately $2 billion).

Before the arrests on Saturday, only Jean-Ann Panton, a former SSL wealth advisor, had been accosted on a 21-count indictment. She has reportedly confessed to stealing from clients’ accounts and is charged with three counts of larceny as a servant, three counts of falsification of accounts, five counts of forgery, five counts of uttering forged documents, three counts of engaging in transaction involving stolen property, and three counts of breaches of the Cybercrimes Act.

In his statement on Sunday, Champagnie said his “client has consistently maintained his innocence and has always made himself available to all of the regulatory bodies that are involved in this matter. I just want to indicate that we should be cautious in rushing to judgement”.

In its update on Sunday, the FID reported its Principal Director of Investigations Keith Darien as saying that the operations reflect the agency’s commitment to conducting thorough, evidence-led investigations that protect the integrity of Jamaica’s financial system.

“By working together and securing key evidence, we strengthen the casework needed to advance accountability and safeguard the public interest,” he said.

The release also reported acting Senior Superintendent of Police Victor Barrett, deputy director of C-TOC, as saying, “Complex financial investigations demand disciplined teamwork, operational precision, and careful coordination across multiple units. Today’s outcome highlights what is possible when law enforcement agencies work in step — sharing intelligence, executing safely, and securing evidence in accordance high global standards.”

CHAMPAGNIE… the matter is going to be before the court and we should allow the justice system to work and not rush to any judgement