US$30,000 fraud uncovered at NCB Capital Markets

ANOTHER major fraud has been uncovered, this time at the National Commercial Bank (NCB) Capital Markets in St Ann involving a female employee of the entity, a reliable police source has confirmed.

The police say preliminary investigations have revealed that more than US$30,000 ($4.5 million) was fleeced by the accused, but this sum is expected to increase significantly.

According to the police, between July and October last year the 35-year-old wealth advisor allegedly forged a number of customers’ signatures and transferred money from their account to her account and that of other connected parties.

The employee was arrested at the investment management entity’s Ocho Rios branch and taken into custody on Friday.

The Jamaica Constabulary Force’s (JCF) Fraud Squad is continuing to carry out investigations.

This latest incident comes on the heels of a major fraud detected at investment firm, Stocks and Securities Limited (SSL), amounting to more than $1.2 billion.

Olympian Usain Bolt and a Member of Parliament, whose name is being withheld, are among the more than 30 people whose investments at SSL are believed to be included in those fleeced by a wealth advisor who was recently fired by the company.

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