Nationwide News understands that attorneys for businessman, George Chai, have filed a lawsuit against the principals of Stocks and Securities Limited, SSL, Hugh Croskery and Mark Croskery.
Mr. Chai is suing the Croskery’s for fraud and breach of fiduciary responsibility.
The suit was filed in the Supreme Court on Tuesday.
Chevon Campbell has that story.
Nationwide News understands that former Client Relations Manager at SSL, Jean Ann Panton, is also named as a defendant in the suit.
Ms. Panton is so far the sole individual facing criminal charges for her alleged role in the multi-billion dollar fraud perpetrated at the now beleaguered investment firm.
The move comes just months after the Financial Services Commission, FSC, discontinued its own claim against Hugh Croskery.
The FSC had originally claimed that Mr. Croskery and other directors breached the FSC directives by appointing a trustee for SSL in January, 2023.
Nationwide News further understands that attorney’s representing Mr. Chai will be seeking leave from the court to make the investment firm party to the lawsuit as another defendant.
Several other individuals and entities are also waiting on the sidelines to sue SSL.
However, Supreme Court Justice, David Batts, has ruled that no suit shall be commenced against SSL without the permission of the court.
Principals of SSL are also in a legal battle with the FSC about who’ll have ultimate authority over the entity.
That matter remains in court.
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