Oct 24, 2009 0
F/X Trader On Fraud Charges
Quida Stennett, a woman who is accused of defrauding four persons of over J$9 million, which was given to her for foreign exchange trading, was reportedly offered bail yesterday in the sum of J$1 million with a surety, when she appeared in the Corporate Area Resident Magistrate’s Court.
Stennett is charged with dealing in securities without a license, acting as a securities agent without a license and two counts of fraudulent conversion. She was offered bail on conditions that she surrender her travel documents with a stop order in place, and that she report to the Fraud Squad on Mondays and Fridays between 6 a.m. and 6 p.m.
Allegations are that between April 2007 and February 2008, Stennett received foreign currency totalling US$108,879.98 from four complainants for foreign exchange trading in an international trading agency that was reportedly owned and operated by her.
However, after the complainants made their investments, they were unable to get back their money. The matter was reported to the police, and Stennett was arrested and charged on Thursday (October 22, 2009).
She is booked to return to court on December 8.