The Financial Services Commission (FSC) has discontinued its claim against stocks and securities limited, (SSL), founding member, Hugh Croskery.

Irie Fm news understands that the supreme court was advised by lawyers representing the FSC on Wednesday morning, that it would be discontinuing entirely the claim against Mr. Croskery, who had been named as a third defendant in the suit.

The FSC had originally claimed that Mr. Croskery and other directors had breached the FSC directives by appointing a trustee for SSL in January 2023.

However, Mr. Croskery in the filing of his defense, through his attorneys, Peter Champagnie and Neco Pagon, claimed that his association with the company had never, at any point, involved any conduct on his part that would be a breach of his responsibilities as a director, or be a breach of any regulatory legislation, civil or otherwise.

His attorneys said on Wednesday that their client was relieved with the outcome.

SSL is at the center of a multi-billion dollar fraud investigation.

Former wealth advisor at the entity, Jean-Ann Panton, is the only person charged in relation to the fraud at the entity.

An ongoing probe has so far indicated that some 200 accounts are impacted.