The leadership of Stocks and Securities Limited has been put on notice that they will be held accountable for their stewardship of the entity, in the wake of fraud allegations.

Finance Minister Dr. Nigel Clarke on Thursday indicated that no stone will be left unturned in the probe into the multi-million dollar fraud.

In a statement, Dr. Clarke pointed out that based on preliminary reports, several elderly investors are among those affected.

Dr. Clarke empathized with all affected investors, particularly the retired elderly.

He said the directors and managers of SSL must account for their stewardship, adding that there are questions about the time frame between becoming aware of the fraud and informing the regulatory and investigative authorities, as well as about the actions taken in the interim.

He sought to assure that the financial investigations division and the fraud squad are pursuing the investigation, wherever it may lead, as they seek to unearth, how the funds were stolen, who benefitted from the theft, who organised it and who collaborated in the activity.

Dr. Clarke said the probe will also seek to identify if assets have been acquired with the proceeds of the fraud, and if so, all legal steps will be taken to forfeit same.

He urged the public to be patient with the investigative process, citing the complexities of the fraud which was carried out over a long period of time.

Dr. Clarke also noted the conflict, between keeping the public abreast of the probe and trying to not hinder the investigation so that the authorities can secure successful prosecutions and forfeiture of assets.

The minister said there will be full transparency as it relates to the financial services commission, its role and decisions in the matter.

While announcing the resignation of the FSC Executive Director on Thursday, Dr. Clarke said he will provide more details, next Monday.