Kingston—Investment house BPM Financial Limited has hurled a sweeping civil action at a former portfolio manager and nine alleged co-conspirators, claiming they siphoned roughly JMD $100 million in client money over a thirteen-month span.
The filing: Logged in the Commercial Division of the Supreme Court on 30 April 2025 under Claim No. SU2025 CD00472, the statement of claim paints a picture of an inside job executed between August 2023 and September 2024. BPM says the lead defendant exploited “unfettered access” to customer accounts, funnelling cash to acquaintances who, in turn, are now pursued for restitution. facebook.com
Key allegations
- Breach of trust: The ex-manager allegedly weaponised their authorised signatory status to override internal controls.
- Fiduciary and contractual violations: BPM argues the conduct shredded the professional duties embedded in the employment contract.
- Co-ordination: The claim accuses the full line-up of operating as a “concerted scheme” to mask the withdrawals.
Relief sought
BPM isn’t stopping at repayment. The company also wants damages, interest, and court costs—signals that it intends to make an example of the defendants. Managing Director Peta-Rose Hall confirmed the lawsuit’s existence but declined substantive comment while proceedings are live.
Regulatory silence
The Financial Services Commission (FSC)—tasked with supervising BPM—hasn’t answered questions lodged since October 2024. That quiet has revived long-standing criticisms of Jamaica’s oversight architecture, still smarting from the Stocks & Securities Limited (SSL) fiasco that exposed more than $3 billion in client losses.
Bigger backdrop
The dispute surfaces as Jamaica’s financial system prepares for a “twin-peaks” makeover in 2026, splitting prudential duties to the Bank of Jamaica while the FSC focuses on market conduct and consumer protection. Until that transition, BPM’s case underscores how easy it remains for rogue actors to exploit supervisory gaps.
Fraud by the numbers
- Banking-sector fraud reported up to March 2023: $1.73 billion (BOJ).
- Latest FSC annual report (2020-2021): no fraud figures published.
- Assets managed by investment entities: $1.78 trillion.
Why it matters
If BPM’s claim is upheld, damages could ripple across confidence in licensed collective-investment schemes, already under a microscope post-SSL. More pointedly, the outcome will test whether Jamaica’s existing rule-book can still deter white-collar crime—or if the incoming regulatory overhaul cannot arrive soon enough.
