Copies of letters sent by the Financial Services Commission to Stocks and Securities Limited in 2013 instructing the company to cease its securities business following special audits done by the Commission are now in circulation

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In the first letter, dated January 3, 2013 and addressed to then President and Chief Executive Officer Mark Croskery, the FSC directed SSL to refrain from purchasing any asset that would affect the balance sheet of the company, without approval by the Commission.

 

The letter also indicated that the FSC had flagged the company from as far back as 2010. 

 

It directed that SSL should ensure sufficient capital is injected into the company by January 15, 2013, allowing it to satisfy the relevant benchmark relating to the ratio of capital to risk based assets and other risk exposures.

 

The letter advised that any breach of the directions would result in the Commission moving to revoke SSL's securities dealer's license.

 

It was signed by then acting Executive Director, Leon Anderson. 

 

The second letter from the FSC to SSL dated October 22, 2013 stated that the investment firm should cease all aspects of its securities business unless it received prior approval from the Commission.

 

It also directed SSL to avoid granting credit to related parties or other people and refrain from soliciting business from members of the public.

 

In addition, the company was asked to provide all information, documents, records, access and other assistance to any special auditor that would be appointed by the Commission.

 

This letter was signed by then Executive Director of the FSC, Janice Holness.