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Monday, May 16, 2005
An investigation into the manipulation of foreign exchange rates, netting billions of dollars during 1995, could see the prosecution of prominent members of society and employees of some financial institutions, in Jamaica.
Retired Senior Technical Director of the Financial Investigation Division (FID), Mike Surridge estimated that in the period of investigation, the first five months of 1993, such fraud was worth billions of dollars. One man, Mr. Surridge said made half a million dollars while lying in bed for 10 minutes. Such activity ceased only when it became the subject of an investigation, he said.
A former British policeman, Mr. Surridge was recruited to help start the Revenue Protection Department (RPD) in 1990, which was merged with the FID in 2003. Despite his retirement Mr. Surridge is continuing to assist with several investigations: exchange rates, importation of stolen high-value motor vehicles from England and the under-invoicing of fruit and vegetable imports.
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