Jamaican’s Financial Fraud Investigation Continues But Affected Investors
Just two weeks into 2023, news of a major fraudinvestigation at a leading securities house shocked Jamaicans and sparked considerable outrage on social media. Through his holding company Welljen, beloved sprint star Usain Bolt was among some 40 investors who lost money at Stocks and Securities Limited (SSL). Since then, the reported fraud has been the subject of much speculation and often false rumours.
Former relationship manager at SSL, Jean-Ann Panton, who had provided some details of the fraud in a signed statement on January 7, was arrested and charged on February 17 with breaches of the Larceny Act, the Proceeds of Crime Act (POCA), the Forgery Act and, the Cyber Crimes Act. The charges were laid after authorities searched her home and seized documents and electronic devices. Panton has remained incarcerated ever since and is next scheduled to appear in court on December 6.
At the time, Jamaica's Financial Investigations Division (FID), headed by a former Deputy Commissioner of Police, said in a statement:
With the exception of Usain Bolt's account, the FID was, at the time, “unable to quantify the exact amount which has been defrauded from all the affected accounts.” It reminded citizens that the process was still in its early stages. Since then, it has become clear that the case is, indeed, complex and the investigations time-consuming. The matter has also become embroiled in lawsuits, accusations and counter-accusations, which have slowed the probe.
So far, none of this has been of any comfort to the many investors affected, and over the July/August break, Jamaicans increasingly asked questions about the perceived slow progress of the investigation and the fact that no further arrests have been made.
In the past week, more twists in the tale have emerged. In an August 31 statement, the FID reported that investigations to date revealed that the number of investors affected by the fraud has increased from around 40 to 70. The sums of money involved have also increased, thanks to the discovery of “other fraudulent schemes at SSL which have resulted in the misappropriation and/or loss of numerous investors’ funds amounting to over USD 10 million.”
The FID also referred to “an entrenched culture of gross mismanagement dating back well over a decade.” Its principal director of Investigations noted
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