SSL fraud exceeds US$30M, says Jamaican FID

The multimillion-dollar fraud at Jamaican investment firm Stocks and Securities Limited (SSL) has exceeded some US $30 million and impacted over 200 accounts.

The Financial Investigations Division, which is involved in the investigation, said inquiries extend beyond Jamaica.

“Evidence now shows that there are over 200 affected accounts and a staggering amount exceeding US$30 million attributed to fraud and other irregularities related to clients’ funds. Despite numerous appeals and direct means of communication, the Financial Investigations Division (FID) has only received 23 official statements from affected individuals and entities,” FID said in a statement.

Alleged fraudster remanded until 2024

So far, only one person, Jean Ann Panton, has been charged in relation to the fraud. She appeared again in court today, and was remanded until May 27, 2024.

Panton was indicted for three counts of larceny as a servant, three counts of falsification of accounts, five counts of forgery, five counts of uttering forged documents, three counts of engaging in transactions involving stolen property, and three counts of breaches of the Cybercrimes Act.

Panton is accused of fleecing roughly $3 billion from more than 30 SSL clients over a 10-year period.

Olympian Usain Bolt and a sitting Member of Parliament, whose name is being withheld, are among the more than 30 people whose investments at SSL are believed to be among those fleeced by a wealth advisor.

Complex investigation dating back to 2006

FID also highlighted the complexity of the investigation, as it involves a comprehensive examination of the company's activities dating back to the inception of SSL in 2006.

“The meticulous inquiry requires a thorough analysis of the entire time period, scrutinising the flow of investor funds. This process, by its nature, is time-consuming and deliberate," they said.

So far, the investigation has revealed criminal breaches involving the company and people associated with it.

"Presently, the findings indicate potential criminal and regulatory breaches involving both the company itself and individuals associated with it. It should be noted that these matters are distinct from the ongoing court case, which centers on a prolonged fraud affecting numerous investors," FID said.

“The investigative process is far advanced and we are now at the point where a file is currently with the prosecutors who are reviewing the evidential material with a view to discerning the possible charges,” the FID added.