Days after being slapped with a 10-year barring from the Securities Commission and a hefty fine, Edison Sumner, on Friday, resigned from The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) with immediate effect.

In a letter to Chairman, Mike Maura Jr., Sumner said that during his five-and-a-half-year tenure, he has worked selflessly and tirelessly to represent the interest of, and advocate on behalf of the BCCEC and its membership and the private sector at large, at the highest level of professionalism and efficiency, both nationally as well as regionally and internationally.

“We have had significant achievements and seen tremendous growth and development over the years and I believe I’m leaving the BCCEC in a much better state than when I assumed the role as CEO over five years ago,” Sumner said.

He added that unfortunately, recent reports of a long-standing legacy issue have made it challenging for him to continue in his role.

These reports relate to Sumner’s former role as Chief Executive Officer  of Montague Capital Partners.

He 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.

However, Sumner entered into a settlement agreement with the Securities Commission in May.

“The BCCEC is too important an organization and has [too] great a responsibility to be distracted or compromised by these matters,” he said.

Sumner added that his decision to resign was in the best interest of the BCCEC as well as he and his family at this time.

“Being the CEO of the BCCEC has been the job of my life that I have enjoyed immensely and shall miss it, but life goes on,” he said.

The former CEO said he wished to thank the board of directors, staff and membership for giving him the opportunity to work with them and to represent them over the years.

He added that he wishes the BCCEC nothing but great success and continued growth and development and will continue to make himself available to the BCCEC if and when called upon to do so.

The Chamber previously fully endorsed Sumner’s performance and integrity after details of ten-year securities industry ban and total of  $210,000 in  fines  surfaced.

The Journal contacted Sumner for a response on the resignation, however he said he would reserve comments until a later date.