The Financial Services Commission, FSC has described the fraud at Stocks and Securities Limited, SSL as a despicable act.

Speaking at a press conference in Kingston this morning, executive director of the FSC Everton McFarlane said this level of fraud has never happened before.

It‘s alleged millions of dollars were taken from the accounts of several clients, including renowned Jamaican athlete Usain Bolt.

The FSC has assumed temporary management of SSL, and also appointed an auditor, while an investigation, is undertaken, into the fraud claims.

Mr. Mcfarlane said the FSC has taken several steps including appointing a temporary manager at SSL.

He reiterated that a multi-agency probe into the fraudulent activity continues.