Stocks and Securities Limited’s business operations have been put on hold by the Financial Services Commission (FSC), which oversees financial institutions in Jamaica, due to “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.” In accordance with section 8(1)(b) of the Financial Services Commission Act, the FSC issued the Directions this morning.

The Entity is subject to stringent reporting obligations under the Directions, and the Entity is not permitted to dispose of any assets. According to the FSC guidelines, SSL is prohibited from releasing money to customers or taking new deposits until the FSC gives its approval.

Earlier today, SSL disclosed that management had referred the situation to law enforcement after internal investigations revealed fraud by a former employee. The Croskery family owns a majority of SSL, the second-oldest licenced securities dealer in Jamaica.