Investigation into SSL fraud reveals 70 affected accounts, up from previously reported 40, as well as entrenched culture of gross mismanagement
The investigation into fraudulent activities at Stocks and Securities Limited (SSL) has revealed that there are approximately 70 affected accounts, which have increased the size of the fraud by millions of US dollars.
40 accounts were identified in the initial phase of the investigation.
The Financial Investigations Division (FID) said in a statement that the investigation also revealed, what it describes, as an entrenched culture of gross mismanagement, dating back well over a decade.
FID Director General Selvin Hay noted that investigators identified other fraudulent schemes at SSL amounting to over USD10 million.
Meanwhile, FID Principal Director of Investigations Keith Darien anticipates the arrest and charge of other actors involved in the multiple fraudulent schemes recently discovered, before the next court date.
So far, Jean Ann Panton is the only person charged in relation to the SSL case .
The SSL fraud investigation involves multiple entities, including the police, the Financial Services Commission, the US-based Federal Bureau of Investigations, UK-based Forensic Accounting and Intelligence Firm, Kroll Associates, and the Asset Recovery Inter-Agency Network for the Caribbean.
Some of the affected investors, including Usain Bolt have filed claims in court, in a bid to recover their funds.