JIS News

The Financial Services Commission (FSC) issued a Cease and Desist Order on Wednesday, June 30, 2010 to Lorreston Bailey, Licensed Securities Dealer and Deborah Bailey pursuant to section 68 (1B) of the Securities Act (the Act).
The FSC also assumed temporary management of Lorreston Bailey, Licensed Securities Dealer today, Friday, July 23, 2010 at 8:30 a.m. This is pursuant to the FSC’s powers under section 8(5) (b) of the FSC Act.
This means that the FSC currently has full and exclusive powers of management and control of the licensee, in keeping with subparagraph (4) of paragraph 1 of Part C to the Third Schedule to the FSC Act.
The Cease and Desist Order issued by the FSC demands that Lorreston Bailey, Licensed Securities Dealer and Deborah Bailey immediately stop conducting securities business as it has reason to suspect that an offence under the Act has been committed. A complete copy of the terms of the Cease and Desist Order is currently available on the FSC’s website: www.fscjamaica.org.
The FSC’s decision to issue a Cease and Desist Order is based on the fact that Lorreston Bailey, Licensed Securities Dealer:Has given false statements concerning its affairs;The value of the Licensee’s assets is substantially less than the amount of its liabilities;The institution is contravening directions issued by the FSC on March 16, 2010, pursuant to the Financial Services Commission Act (“hereinafter referred to as the FSC Act”).

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