Jamaica’s former Prime Minister PJ Patterson has delivered a blistering critique of the Financial Services Commission (FSC) for its handling of the massive fraud scandal at Stocks and Securities Limited (SSL).
The scandal, which surfaced in January 2023, has rocked Jamaica’s financial sector, involving fraudulent activities dating back over a decade and affecting more than 200 investors with losses exceeding $30 million USD. Among the victims is Jamaican sprint legend Usain Bolt, who reportedly lost approximately $12 million USD.
Speaking at a People’s National Party (PNP) event in St. Andrew, Patterson called on the FSC to prepare a “top-class legal team” to defend against potential lawsuits from investors. He questioned whether the FSC breached its statutory duties by failing to prevent the fraud, arguing that the agency is “clearly exposed to civil action.”
In an interview with The Fix podcast earlier this year, Bolt broke his silence on the scandal, expressing disappointment in the government’s handling of the situation. “If this happen to me and it a gwaan fi two years and me can’t see back a dime … you really start evaluate,” Bolt said, suggesting that the ordeal has made him rethink his status as a public figure in Jamaica. He also accused the government of inaction, describing the situation as “almost at a stalemate.”
PJ Patterson echoed Bolt’s concerns, criticizing the government for attempting to stifle public discourse on the issue. “Expecting silence from the Opposition is sheer stupidity,” Patterson remarked, underscoring the need for transparency given the scale of the fraud and Bolt’s high-profile status. He also dismissed the notion that Jean-Ann Panton, the only individual charged so far, acted alone in orchestrating the scheme. “It is sheer naivety to believe that a scheme of this magnitude was carried out by one individual,” he declared.
Meanwhile, Bolt hinted at the possibility of taking legal action, stating, “At some point, we have to figure out something and make a move. We can’t just lose all of that [money].” He also suggested that public pressure might be his only recourse. “Clearly it look like if me nuh start apply some pressure me nah go get back nothing,” Bolt said, even hinting at taking his fight to the international media if necessary.
Director of Public Prosecutions Paula Llewellyn has cautioned that excessive media coverage could jeopardize the fairness of the trial, noting the complexity of the case and the extensive volume of evidence still under review. As the scandal continues to unfold, the call for greater oversight and accountability in Jamaica’s financial sector is growing louder.
