Broker Jardine Lloyd Thompson has begun an inquiry into the workings of its Cayman Islands...
Broker Jardine Lloyd Thompson has begun an inquiry into the workings of its Cayman Islands subsidiary after it emerged that the company had provided services to a captive accused of fraud by the US Securities and Exchange Commission (SEC).
JLT Risk Solutions provided administrative services to captive PFA Assurance Group, which is currently under investigation for an alleged fraud targeting Latin American investors.
JLT is not the subject of any enquiry or subject to any accusations of any wrongdoing itself.
The broker group has begun a review of its procedures in its Cayman Islands offices to ensure its internal procedures were complied with, according to reports.
JLT said: “We are aware of the proceedings taken by the SEC against PFA and others. We are providing any information to the Cayman Islands authorities that is requested.”
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