SSL founder denies being involved in any fraudulent activity during tenure at brokerage firm

Source: Jamaica Observer – Attorney-at-law Peter Champagnie, lead counsel for Hugh Croskery, founder of the fraud-hit Stocks & Securities Limited (SSL), has professed his client’s innocence as controversy continues to mushroom in a broadening fraud scandal at the brokerage firm.

“It has come to the attention of Mr Hugh Croskery that his name has been mentioned, alongside others, in recent media reports relative to the current inquiry into the business operations of Stocks & Securities Limited, SSL. My client wishes to state emphatically and pellucidly while appreciating the public’s concern, that during his tenure with SSL, he did not engage in any unethical or criminal conduct,” Champagnie told OBSERVER ONLINE.

Last week, OBSERVER ONLINE broke the story of fraudulent activities at SSL amounting to more than $1.2 billion. Olympian Usain Bolt was among more than 30 people whose investments had been affected.

Champagnie said that his client is prepared to render “full cooperation” with the current investigation into irregularities that triggered the fraud scandal that has raised questions about the internal controls at the brokerage firm.

“Consequently, if and when the opportunity presents itself for him to be interviewed by any State agency or Regulatory agency, he will render full cooperation. He, in fact, welcomes the current inquiry that is being conducted,” Champagnie concluded.

Croskery is also executive director of SSL, which is now under temporary management by the Financial Services Commission, the state regulator for securities such as bonds.