As a result of mounting pressure on the Financial Services Commission over its hap-hazard oversight of the fraud scandal at Stocks and Securities Limited, SSL, its executive director, Everton McFarlane, has resigned effective the end of this month.
The resignation was confirmed by Minister of Finance Dr. Nigel Clarke.
SSL has been in a tailspin after news broke last week about a multi-million US-dollar fraud at the investment entity.
It is alleged that the fraud has affected more than 40 people, including legendary Sprinter Usain Bolt.
According to Bolt, he lost nearly 13 million US dollars, which was his self-designed pension.
However, a former client relationship manager at SSL, Jean Ann Panton, has given a statement admitting she stole millions of dollars from several clients.
According to Dr. Clarke, the Bank of Jamaica’s Chief Prudential Officer, Keron Burrell, will be seconded to the FSC to act as its Executive Director.