The Financial Services Commission, FSC, has assumed temporary management of the embattled investment firm, Stocks and Services Limited, SSL.

The decision comes as the regulatory commission increases its supervision of the firm following the discovery of a multi-million US dollar fraud at the St. Andrew-based financial institution.

Ricardo Brooks reports:

The FSC says acting pursuant to its powers under the Financial Services Commission Act, it has appointed Kenneth Tomlinson as temporary manager of Stocks and Services Limited.

The decision takes effect today.

Mr. Tomlinson is employed to Business Recovery Services Limited.

The step to appoint Mr. Tomlinson temporary manager follows the FSC’s decision three days ago to name him Special Auditor at SSL.

The Commission says the move forms part of its continued enhanced supervisory oversight of the 50 year old investment firm.

When our news centre contacted Mr. Tomlinson, he declined to comment on the appointment, noting that all statements would be routed through the FSC.

Efforts to reach the FSC were unsuccessful.

Nationwide sources say Tomlinson may not have been aware that the FSC intended to publicly name him temporary manager of the embattled entity.

Our sources say the new SSL temporary manager would need at least seven days to assess the extent of the fraud at SSL, before making a definitive statement on the matter.

SSL has come under intense scrutiny in recent days after the discovery of the multi-million US-dollar fraud.

It’s alleged that legendary Jamaican sprinter, Usain Bolt, may have lost a substantial part of his retirement savings being held with the company.

In a release to customers, SSL noted that fraudulent activity by a former employee of the company had negatively affected a small percentage of accounts.

It noted that steps have been taken to secure assets and as soon as the matter was detected, internal protocols were heightened to detect suspicious activity in the shortest time possible.

The Financial Investigations Division, FID, yesterday revealed that the questionable transactions at the investment firm dates back over a decade.

Ricardo Brooks for Nationwide News.