Edison Sumner resigned as Chief Executive Officer (CEO) of The Bahamas Chamber of Commerce and Employees Confederation (BCCEC) on Friday after details of his 10-year securities industry ban and over $200,000 in fines surfaced last week.
In a letter addressed to the BCCEC’s Chairman Mike Maura Jr., Sumner said the resignation is with immediate effect.
Earlier this week, the Chamber stood by Sumner and fully endorsed him despite his alleged involvement in a questionable practice that led to him receiving a 10-year security industry ban and having to pay $150,000 to the Securities Commission.
The issue all relate to Sumner’s former role as CEO of Montague Capital Partners, which collapsed back in 2011.
Sumner was accused by the Securities Commission of improper record keeping and accounting, the mingling of client funds with those of the company’s and conflict of interest.
He entered into a settlement agreement with the Securities Commission in May.
In a letter dated September 11, the BCCEC said the agreement represents acceptance of responsibility and drew the process to a close. It also said the performance of the BCCEC CEO had not been impacted but the proceedings of the Securities Commission.
Despite this, Sumner tendered his resignation to a post he described as the job of a lifetime.
“Unfortunately, recent reports of a long-standing legacy issue have made it challenging for me to continue in my role of this great organisation. The BCCEC is too important of an organisation and has too great of a responsibility to be distracted or compromised by these matters. My decision to resign is in the best interest of the BCCEC as well as in the best interest of me and my family at this time.
Sumner said he is leaving the organisation in a much better state that when he took on the role five years ago.