Executive Director of the Financial Services Commission (FSC) Everton McFarlane has resigned just days after a report revealed the regulator’s poor oversight of fraud-hit Stocks and Securities Limited (SSL)
Finance Minister Dr Nigel Clarke announced Thursday that he has accepted McFarlane’s resignation. It will take effect on January 20.
The Bank of Jamaica’s Chief Prudential Officer, Major Keron Burrell, will act in the position. The FSC regulates investment houses, while the BOJ oversees deposit-taking institutions, such as commercial banks.
The FSC has been under scrutiny after it was revealed they were armed with enough ammunition to take strong action against the entity that was cited for delinquency.
The FSC reported that for the five years and six months leading up to February 2017, the company had been operating under its directions and “has remained a problem institution” for failing to file audited accounts within 90 days of the close of the financial year and granting credit to related parties in violation of orders issued in 2013.
An investigation was launched after millions of dollars reportedly went missing from Jamaican sprint legend Usain Bolt’s account at the investment firm Stocks and Securities Limited (SSL).
The former athlete’s manager, Nugent Walker, confirmed the incident and said Bolt became aware of the discrepancies with his accounts on Wednesday, January 11, 2023.
According to reports, a former SSL employee has been involved in a massive fraud, including missing funds from Usain Bolt’s accounts.
Another US$4 million in stocks and securities has reportedly gone missing at the beleaguered financial.
The police Fraud Squad and FID announced that questionable transactions were being made on some of the affected accounts for more than ten years.
The attorneys representing Bolt want SSL to return the track star’s nearly J$2 billion (US$12 million) in investments, in record time, or face a huge lawsuit.
Law firm Frater, Ennis & Gordon has given SSL ten days to furnish the money Bolt has been investing since 2012.
McFarlane took up the post in August 2017.
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