FID, Fraud Squad and police probe alleged multi-million dollar fraud at SSL
The Financial Investigations Division (FID), the Fraud Squad, and Jamaica Constabulary Force, are collaborating on a probe into allegations of a multi million dollar fraud, at Stocks and Securities Limited, SSL.
Reports emerged on Thursday, that several clients of the financial institution, including sprint superstar Usain Bolt, were affected by fraudulent activity, allegedly carried out by a former employee of SSL.
In a statement, the management of SSL indicated that its aware of the matter and that following initial internal investigations, the matter was referred to the relevant law enforcement authorities.
This in a bid to facilitate a thorough and complete examination of all aspects of the matter.
SSL said it has taken steps to secure those assets, and strengthen internal protocols to detect suspicious activity.
The financial institution said it will continue to liaise and cooperate fully with law enforcement, throughout the investigation and ensure that the responsible party faces the full consequence of the law.
Meantime, head of the JCF’s Communications Unit, Senior Superintendent of Police (SSP) Stephanie Lindsay explained that the probe into the claims of fraudulent activity, is at an early stage.
As such, not much detail is being released, at this time.
She confirmed that the fraud squad is looking into the matter.
SSP Lindsay said it’s too early for investigators to determine if anyone should be taken into police custody.
And, the FID has stated that the fraud squad recently reached out, seeking its assistance in investigating the alleged fraudulent activity.
The FID noted that its forensic accountants are helping to determine if in fact a criminal offence was committed, if there was a fault with the system at Stocks and Securities Limited, or if there was negligence or oversight on the part of the persons involved.
The division assured that the case will be pursued according to what is prescribed by law.
In the meantime, Tamika Harris, the attorney representing the former SSL employee accused of fraudulent activity, said her client is cooperating with investigators.