"If it [the account balance] never came up on a report and none of the senior management ever knew about it, it was because the amount of money in the account was not to the level of [one of our top clients]," said the source. Why was the alleged fraud not detected before? The former senior manager went as far as to suggest that investigators need to look at other people who were more intimately involved in the day-to-day running of the company, and who served in senior management at SSL for longer periods. She confessed to modifying and fabricating requests to sell securities, and to using various techniques to steal the proceeds of the liquidation of the securities. However, the account now contains a mere US$12,000 ($1.8 million). More directives were issued but the non-compliance persisted. READ: Lawyers confirm Bolt hit for more than US$12m in SSL fraud. When those funds were delivered to her, the client would receive the amount they requested, and she would keep the remaining portion. The money problems continued even after SSL was forced to sell 500 client accounts to JN Fund Managers in 2013. Mark Croskery, the former chief executive officer of SSL stated that any issues concerning the company have nothing to do with him. 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. Published: Wednesday | February 8, 2023 | 2:06 AM File Stocks and Securities Limited's headquarters on Hope Road. As a licensed securities dealer, SSL facilitates clients' investments in securities including local and international stocks and bonds. FSC calls press conference to address SSL saga - Jamaica Observer Stocks & Securities Limited (SSL) owes the State $40 million in taxes, some representing deductions from employees wages, in the latest unravelling of the internal affairs of the 50-year-old investment and brokerage firm at the centre of a multibillion-dollar fraud scandal. Prosecutors, cops reviewing SSL fraud evidence | News - Jamaica Gleaner Panton is at the center of the multi-million-dollar SSL fraud. 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. The Financial Services Commission, which is being raked over the coals for what is perceived as its lax oversight of an entity it dubbed a "problem institution" in 2017, has already sent an interim manager into SSL. Here are the facts regarding that false allegation as well as some other canards. KINGSTON, Jamaica - The Financial Investigations Division (FID) confirmed that Jamaican law enforcement received a report on Wednesday, regarding the alleged fraudulent activities at Stocks and . Between the first meeting with the FSC on January 12, 2023, and the appointment of the Temporary Manager by the FSC on January 16, 2023 there was one business day. Why did SSL not discover the alleged fraud committed against WellJen Limited (Dr the Hon Usain St Leo Bolts holding company)? SSL has denied this claim, stating that proprietary funds and client funds were governed by different departments and system controls to ensure both streams do not mix and safeguard the integrity of the company. 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, READ:Finance Minister rejects SSL's claim it was not seeking to wind up firm. A few bad apples, who do what fraudsters do find ways to beat the system should not cast doubt and suspicion on the many thousands who toil daily to preserve the integrity of the sector. The fire has been fueled by sensational speculation, which tends to affect adversely the essential tracing of ill-gotten assets and indeed, the overall investigation, activities that the Board and Management were and are prepared to support. We will, however, try to publish comments that are representative of all received. the Stocks and Securities Ltd building on Hope Road in St Andrew. Is Jamaica SAFE to Visit? (2023 Insider Tips) - The Broke Backpacker Posted by Ricardo Brooks | 18 Jul, 2023. We welcome reader comments on the top stories of the day. Being trusted by clients, she was given a great deal of latitude by them. He also has extensive experience in providing professional services in the areas of financial analysis, due diligence, independent business review, business reorganization and dispute analysis investigations. Her confession revealed that 39 clients had been defrauded (not including WellJen Limited), and investigations commenced to determine the precise sum that had been stolen. Among the questions were whether SSL had a tax compliance certificate, the nature of any arrears, and if there is any arrangement in place for the clearance of the tax debts. By 2016, SSL had a US$1.5 million deficit. The plan, as outlined, was to appoint a Trustee to manage the entity, independently support the FSC's investigation, and work with all stakeholders to see how the entity could be restructured. SSL has some 9,000 accounts in brokerage, 6,000 of which are active. Shocker! How over $12 million disappeared from Usain Bolt's account SSL immediately engaged a team to commence investigations into the employee's activities. SSL recognized the consequences of non-compliance with directives and took the requisite steps to address them. KINGSTON, Jamaica - The Supreme Court has agreed to entertain a public hearing of the application to shut down the Stocks & Securities Limited (SSL) firm in the interest of investors. A search of two premises connected to her was carried out last month, resulting in the seizure of documents and electronic devices. News | Jamaica Star No current board members or managers were aware that Dr the Hon Usain St Leo Bolt had an account given: 1. The outstanding amount for the National Housing Trust was $327,000, while the figure for the National Insurance Scheme was $4.5 million. Some comments may be republished on the website or in the newspaper; email addresses will not be published. ST ANN, Jamaica - One man is dead after sustaining injuries in a four-vehicle collision on the Discovery Bay main road in St Ann on Thursday. SSLVC first came to the stock market in 2012 as a music publishing start-up called C2W Music Limited, a business that ultimately failed and racked up losses amounting to US$1.5 million up to December 2017, based on audit reports by Baker Tilly. In the statement, Ms. Panton admitted to defrauding several clients of the investment firm. 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. Finance Minister Dr Nigel Clarke disclosed those details, which contradicted a claim by SSL that it was not seeking to dissolve the company days after the fraud was reported. Avoid getting stuck in slum/shack-looking areas. LAFAYETTE, Ind. ", Now you can read the Jamaica Observer ePaper anytime, anywhere. A part of building our national self-confidence is learning to attribute individual responsibility, and not always seek to nationalise and to socialise infractions, the finance minister added. Efforts are also being made to have the employee commit to restitution. She abused this trust in various ways for her own personal enrichment. Man wanted for requesting Uber rides, robbing drivers at gunpoint. It is now known that some clients even provided pre-signed undated encashment letters. The police raided the upscale residence of SSL employee Jean-Ann Panton on Friday, January 20, 2023. He also has extensive experience in providing professional services in the areas of financial analysis, due diligence, independent business review, business reorganization and dispute analysis investigations. Nature of the suspected fraudulent activity by employee. Chairman Jeffrey Cobhams signature was missing from the January 16 document. In other cases, she said an email request would be made, which did not originate from the client, and the entire sum would be kept by her. None of the senior managers at SSL, the source said, would have been aware of an account for Bolt for the simple reason that there was no account in his name. 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. - Jamaican Gazette-News. By January 6 and 7, 2023 SSL had obtained a statement from the former employee, provided in the presence of her attorney, and sworn before a Justice of the Peace. It is believed that the reasons that she did not initially confess to defrauding this particular client are (1) she was aware of the tremendous spotlight which the Bolt name would bring to bear on her activities, and (2) amazingly, she, for whatever reason, and despite having admitted to the Bolt management team that Dr, the Hon Usain Bolt was among her victims, apparently still believed that she could borrow the money from the Bolt management group to repay the other SSL clients. The purpose of the appointment was not, we repeat, not to wind up the company. Approximately $3 billion is believed to have been fleeced from dozens of account holders, including retired sprinter Usain Bolt, who has lost $2 billion. 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. The disclosure was made by Deputy Commissioner of Police Fitz Bailey at a Jamaica Constabulary Force press conference earlier in the afternoon. Nationwide 90FM - Breaking News, Scoops, Opinion and Analysis In a . A local multi-agency probe, with help from the US Federal Bureau of Investigation, is under way. The search started at about 12 noon. The Management of SSL continues to go to work every single day to support the FSC, FID, and Fraud Squad in their work. This usually results in Directives from the regulator, primarily relating to timeframes for addressing these issues. Now you can read the Jamaica Observer ePaper anytime, anywhere. After investigations and meetings with the client and his attorney, it was confirmed that there was no fraudulent activity by the employee (ie. SSL has an online system that all clients can use to track their portfolio performance. Justice should be the objective for all affected clients, famous or unknown.

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