The Financial Services Commission (FSC) assumed temporary management of Stocks and Securities Limited (SSL), effective today.

The agency has also appointed Kenneth Tomlinson of business recovery services limited as the temporary manager.

This follows Mr. Tomlinson’s appointment as special auditor, effective January 13.

This is the latest development after news emerged that several persons, including renowned Jamaican athlete, Usain Bolt are believed to be victims of alleged fraud at the investment company.

The FSC explains that it served notice of its intention to assume temporary management of SSL, based on powers given under section 8-B of the Financial Services Act.

The agency says the move further supports its enhanced supervisory oversight of SSL, and that the directions issued on January 12 remain in effect.

The financial investigations division, FID has said it is unable to quantify the exact amount of money which has been defrauded from several accounts at SSL.

In a statement last evening, the FID assured that it and the Jamaica Constabulary Force’s fraud squad are continuing their investigation into the alleged fraudulent activities.