FID says SSL fraud now at US$30M, 200 accounts impacted
The scope of the fraud at Stocks and Securities Limited, (SSL) has now grown to more than US$30 million, with evidence indicating that there are over 200 accounts that were impacted.
That revelation was made by the Financial Investigations Division, (FID) in a statement on Wednesday morning.
It comes as Jean-Ann Panton who has been charged in relation to fraud at SSL is set to appear in court today (December 06) for a mention.
In August, the FID indicated that some 70 accounts and approximately US$10 million were involved in the massive fraud probe.
However, the number of victims and the amount involved have tripled, as the investigation into the SSL matter continues.
The FID says the complexity of the investigation cannot be understated, as it involves a comprehensive examination of events, dating back to the inception of SSL in 2006.
It explains that the findings indicate potential criminal and regulatory breaches, involving the company itself and individuals associated with it.
The FID says it should be noted, that these matters are distinct from the ongoing court case, which centers on a prolonged fraud affecting numerous investors.
Evidence now shows that there are over 200 affected accounts and an amount exceeding $30US million attributed to fraud and other irregularities related to clients’ funds.
At the same time, the FID says despite numerous appeals and direct means of communication, it has only received 23 official statements from affected individuals and entities.
It notes however that the investigative process is far advanced.
It is now at the point where a file is with the prosecutors who are reviewing the evidential material with a view to discerning the possible charges.
The investigations transcend national boundaries, with inquiries extending beyond Jamaica.