Why has SSL not commented publicly before today? SSL recognized the consequences of non-compliance with directives and took the requisite steps to address them. There was no indication of any fraud or use of client funds by SSL in any audits, whether by independent auditors or by the FSC. They have given the management of SSL until January 27 to pay over the stated sum or face legal action. My client wishes to state emphatically and pellucidly, while appreciating the publics concern, that during his tenure with SSL, he did not engage in any unethical or criminal conduct," Champagnie told OBSERVER ONLINE. However, arguing that in Europe and North America individuals who engage in wrongdoing are fingered as the offenders and entire countries are not broad-brushed and vilified, the finance minister said Jamaicas history is hobbling its citizens efforts to share a similar view. SSL is currently in breach of a rule, which requires it to have and maintain fidelity insurance, which expired January 22, 2023, the JSE said Tuesday in emailed responses to Sunday Gleaner questions, which included whether it has suspended SSL from doing business with the exchange. Its a joint investigation that is ongoing. The Company estimates that within seven (7) to fourteen (14) days there will be a reasonable estimate of the exposure, however, this is unknown at this time. A police service vehicle is seen in front of a property belonging to the former Stocks and Securities Limited employee at the centre of a multi-billion-dollar fraud scandal. A local multi-agency probe, with help from the US Federal Bureau of Investigation, is under way. Another section of Southern Coastal Highway opened, JCTU backs Police Federation Chairman, demands rescinding of his interdiction, Jamaica into final of regional CWI U19 Championship, Sunshine Girls record their highest ever score at a Netball World Cup, Global taxation framework to be in place by end of 2024, Stocks: JPS 7% leads today's winners, Pulse among losers, Attorney to appeal High Court decision that Reid, Pinnock must stand trial, Lawyers for Corporal Rohan James legally challenge his interdiction, DPP responds to damning letter, says senior prosecutor resentful, Senate passes bill to extend tenure of DPP despite opposition, whoseUS$12.7 million at SSL was defrauded. After investigations and meetings with the client and his attorney, it was confirmed that there was no fraudulent activity by the employee (ie. The events that have unfolded have had tremendous adverse consequences for the affected clients, and for the hard-working staff at SSL. "I have nothing to hide. The rumour mill continues to generate unfounded claims, while the confessed perpetrator remains at home. Stating that the matter is being treated "with the highest priority" by the FID, the Fraud Squad and the Financial Services Commission (FSC), Selwyn Hay, the FID's chief technical director, said they are not yet able to quantify the exact amount fleeced from the affected accounts. There has been no run to date on investments made through SSL. A potential headache for Bolt and his legal team is the possibility that the statement they got from SSL indicating a balance of US$12.75 million could have been nothing more than a fabrication, the source argued. It is not uncommon for financial entities to have breaches of some nature or another. Section 17 of the Revenue Administration Act imposes an obligation to secrecy on persons who deal with revenue-related matters. There are clients that have also invested in, or participated in debt offerings by SSL or its related entities (ie. The shock experienced by all was and remains palpable. Last week when the Observer broke the story, sources said the fraud amounts to more than $1.2 billion and that Olympian Usain Bolt was among more than 30 people whose investments had been affected. It said persons who communicate tax information outside of stipulated circumstances face a fine of up to $100,000 or nine months in prison. Interest and penalties are not clear. SSL's Culture of Non-compliance. The matter was reported to the Board of Directors on the first business day after the confession January 9, 2023. The revelation that in 2017, Stocks & Securities Limited (SSL) was flagged by the Financial Services Commission (FSC) for its "culture . Raising The Bar: How To Increase The Quality Of Your Restaurant: The charming little Wine ShopGrands Vins de France, The Perfect Pair: Sunglasses & Red Lipstick, Maizene Porter Creating impact from the ground up, Kerlyn Brown A passion powered by people, Immunity-boosting foods to add to your diet, Bridge Official to make transition from fashion to music, says entertainment is in their DNA, Walshy Fire brushes off chatter that Major Lazer's best years are done; says the group has a lot more in store. She abused this trust in various ways for her own personal enrichment. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at https://bit.ly/epaper-login, Clarke confirms existence of Bolt-owned account at SSL, FILE - Usain Bolt, a retired Jamaican sprinter, speaks during an interview in Tokyo, December 1, 2022. At the time of the FSC notice, SSL was unaware of any alleged fraud related to Dr the Hon Usain St Leo Bolts holding company. 10 injured as fire tears through house in Queens. The deceased has been identified as 32-year-old . The special auditor is part of the enhanced oversight embarked on by the FSC after it became aware of the fraud allegations at the investment firm. A statement of the companys assets and liabilities, signed by SSL founder and executive director Hugh Croskery, Laurence Adamson, and Peter Knibb, showed net assets of $1.3 billion and total liabilities at $1.1 billion as at June 30, 2022. KINGSTON, Jamaica - The Ministry of Finance has released a statement confirming the existence of an account belonging to Usain Bolt at the fraud-hit Stocks and Securities Limited (SSL). Following news that Stocks and Securities Limited (SSL) was attempting to wind up the company, development economist and financial commentator Dr. Chris Stokes has expressed support for the decisive action taken by the Financial Services Commission (FSC) to prevent that move. Nevertheless, trust in the entity has been deeply damaged. SSL has an online system that all clients can use to track their portfolio performance. Other financial entities that have been hit by financial problems of one type or other have had the opportunity to execute their work plans, however, the incorrect impression appears to be that SSL has taken no steps and had no plan. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at https://bit.ly/epaper-login, WATCH: Police search property of SSL ex-employee in fraud scandal. "All investigative steps are being taken," Hay said, adding that all investigative tools and regulatory protocols are being applied in a purposeful manner by the FID, Fraud Squad and the FSC, Jamaica's regulator for non-deposit-taking financial institutions, including securities dealers. The vast majority of clients have not been affected by fraud. The account was not held in his name; and 2. When those funds were delivered to her, the client would receive the amount they requested, and she would keep the remaining portion. Bolt's lawyer Linton P. Gordon has revealed that $12 million was vanished from the legendary athlete's account. On January 10, 2023, the FSC was notified. In the statement, Ms. Panton admitted to defrauding several clients of the investment firm. Latest News 2023-07-28 . Unconfirmed reports hinted that the monies involved could run in excess of US$30 million or Ja. The hearings were delayed for a number of reasons, primarily related to her medical issues. The matter has been reported to the Board of Directors and communication to clients has commenced. Those with balances of US$10 million and above would automatically show up during an audit. We welcome reader comments on the top stories of the day. Surveillance video of . A former senior staff member has reportedly admitted to syphoning off around 20 per cent of the value of the nearly 40 accounts that she managed. Current and former senior managers at scandal-hit Stocks and Securities Limited (SSL), which is currently embroiled in a multi-billion-dollar fraud, are desperate to clear their names and are distancing themselves from the shenanigans that have left dozens of the firm's clients, including national icon Usain Bolt, with depleted accounts. As the spotlight remains fixed on SSL and the actions of its principals and employees, the Financial Services Commission (FSC) obtained an injunction blocking any attempt by the company appointed trustee to wind up the company. Once agreed with the FSC, a resolution plan would have been developed and implemented. Chartered accountants BDO Jamaica would not be drawn. A number of domestic and international law-enforcement agencies are participating in the investigation, including the Financial Investigations Division, the Fraud Squad, the Major Organised Crime and Anti-Corruption Agency, and the Federal Bureau of Investigation. That information was corroborated by Bolt's attorney Linton Gordon in a January 16 letter to SSL demanding that Bolt's money be returned, facing which the company would face legal action. The disciplinary panel ultimately recommended that the employee be dismissed for her negligence and gross incompetence. The police raided the upscale residence of SSL employee Jean-Ann Panton on Friday, January 20, 2023. Man wanted for requesting Uber rides, robbing drivers at gunpoint. Did SSL know about fraudulent activities by the former employee since September 2022? SSL's directors and shareholders met that day to confirm the appointment, in keeping with the work plan submitted to the FSC by management. The company is embroiled in a multi-billion-dollar fraud. Jamaica supports measures to preserve seabed The JSE has confirmed that at SSLs request on January 30, it suspended SSLs online trading account with the exchanges JTraderPro on January 31. no evidence of cash being stolen) in relation to that client, although the employee's actions may well have been preparatory to committing fraud in respect of the client. Among Mr. Campbells key objectives were intended to be to ensure that all necessary conservatory measures were in place over the assets of SSL, as well as to ensure compliance with the enhanced governance protocols as directed by the FSC. 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