AUDREY JOHNSON, foreign exchange Trading Manager of Manufacturers Sigma Merchant Bank (MSMB), has been charged with defrauding the bank in a J$20 million foreign exchange scam.
She appeared in the Corporate Area Criminal Court on Monday of this week and had her bail extended to return to court on July 15 to answer charges of allegedly defrauding the bank.
During the recent foreign exchange crisis the bank discovered several irregularities and called in the Fraud Squad.
Last month the local dollar traded as high as J$72 to US$1 sparking a trading frenzy with speculators and major commercial banks said to be hoarding U.S. dollars in the hope of capitalising on the weakening local currency.
Johnson is charged with defrauding the bank of $68,000 but the police told the court that the bank is alleging that the irregularities involved more than $20 million. She was arrested on Friday.
The bank is now carrying out major investigations to determine the extent of the fraud.
Mrs Johnson was given station bail in the sum of $50,000 with a surety. The former general manager of Ideal Finance, she played a major role in the establishment of Homeowners Building Society which began operations in February 1995 headquartered in Half-Way Tree.
The Gleaner has been reliably informed that Mrs. Johnson is no longer employed by Manufactu-rers Sigma Merchant Bank and that the Financial Crimes Unit is continuing with its investigations.
