More arrests pending as more fraud uncovered at SSL, says FID

The Financial Investigations Division (FID) is reporting that more fraudulent schemes have been uncovered at embattled investment firm Stocks and Securities Limited (SSL).

Further, the sum allegedly defrauded has grown by approximately US$10 million or J$1.5 billion and the number of overall victims has moved from 40 to 70.

The probe started in January when the fraud was reported. At that time, it was reported that some $3 billion were alleged defrauded from some SSL customers. 

In a statement Thursday, the FID said its probe has also revealed "an entrenched culture of gross mismanagement dating back well over a decade" at the 50-year-old SSL, which is now under government management. 

The agency said before the next court date in the matter, it anticipates the arrest and charge of "other actors involved in the multiple fraudulent schemes recently discovered."

Former client relationship manager at SSL Jean-Ann Panton is the only person charged in the matter so far. She is due back in court on December 6.

The FID said it is "robustly pursuing various lines of inquiry and taking all the necessary steps to lead evidence-based prosecutions in the court at the appropriate time against all guilty parties."

Meanwhile, the FID's Principal Director of Investigations Keith Darien added, “The duration of the fraudulent activities as well as the variety of fraud has resulted in the investigative process taking an extended period. Prosecuting financial crimes requires meticulous evidence gathering to ensure success in the court and to follow the money so that any illicit funds or assets may be identified, restrained, and recovered."

"There are certain deliberate actions being taken to support increased investigative efficiency. Our investigators have contacted the affected parties via email and phone calls but the responses from some have been short of encouraging," the FID said.

We want to hear from you! Email us at star@gleanerjm.com and follow @thejamaicastar on Instagram and on Twitter @JamaicaStar and on Facebook: @TheJamaicaStar, or on Whatsapp @ 876-550-2506.