FSC drops case against SSL founder Hugh Croskery, says defence attorney
KINGSTON, Jamaica— The Financial Services Commission (FSC) has reportedly discontinued its case against Hugh Croskery, founding member of fraud-hit investment firm Stocks and Securities Limited (SSL).
Croskery’s lawyer, King’s Counsel Peter Champagnie made the disclosure in a news release, noting that the Supreme Court was informed of the decision on Wednesday morning by lawyers representing the FSC.
Efforts by Observer Online to contact the FSC for comment were futile up to publication time.
Croskery, who was named as a third defendant in the suit, was accused of breaching FSC directives by appointing a trustee for SSL in January 2023.
Champagnie stated that his client had maintained his innocence in the fraud matter.
“Mr Croskery in the filing of his defense, through his attorneys, Peter Champagnie KC and Mr Neco Pagon, claimed that his association with the company had never, at any point, involved any conduct on his part that would be a breach of his responsibilities as a director, or be a breach of any regulatory legislation, civil or otherwise,” the release said.
In April, the Supreme Court lifted an injunction which was placed on Croskery after the FSC took charge of the scandal-hit financial institution. Champagnie had stated at the time that the ruling was inevitable as there should not have been one against his client in the first place.
READ: Court lifts injunction against Hugh Croskery
In the meantime, former SSL employee Jean-Ann Panton — the only individual so far arrested and charged in the investigation — is before the court to answer to the allegations that billions of dollars were defrauded from some 40 clients including retired track star Usain Bolt.