KINGSTON, Jamaica— Financial Services Limited (FSC) has assumed temporary management of Stocks and Securities Limited (SSL) effective immediately.

In a statement on Tuesday, the FSC announced that it has appointed Kenneth Tomlinson of Business Recovery Services Limited as the temporary manager.

SSL is currently embroiled in a multi-billion fraud case amounting to more than $1.2 billion. Olympian Usain Bolt is among more than 30 people whose investments had been affected.

According to the statement by the FSC, this is a further step to Tomlinson’s appointment as Special Auditor which took effect on January 13, and supports the FSC’s enhanced supervisory oversight of SSL.

Last Thursday SSL issued a statement saying that it had “become aware of fraudulent activity by a former employee of the company”.

READ: Massive employee fraud detected at SSL

This alarm triggered a directive by the FSC to bar SSL from engaging in sales or trading of assets without the permission of the FSC.

On Monday, the police Fraud Squad and Financial Investigations Division (FID) announced that questionable transactions were being made on some of the affected accounts for more than a decade.

READ: SSL fraud deepens – Questionable transactions being made for more than 10 years, says FID