JSDA expresses deep concern about fraud at SSL

The Jamaica Securities Dealers Association, JSDA, has expressed deep concern about reports, of fraudulent activity, involving a former employee of investment company, Stocks and Securities Limited.

The SSL has come under scrutiny, in the wake of reports, that the former employee, allegedly took millions of dollars, from the accounts of some clients, including renowned Jamaican athlete, Usain Bolt.

In a statement, the JSDA said, industry players are conscious of the prevailing issues and their inherent risks and that members are working to educate and maintain stakeholder confidence and trust.

It said while it cannot comment on the case under investigation, in order to not prejudice the matter, it is committed to a thorough investigation and full accountability for all perpetrators of fraud.

The association said it is mindful that fraud is a reality in both the local and global financial industry.

It said to mitigate against fraud, institutions implement various detection and prevention mechanisms, which require constant evaluation and improvement as new and more sophisticated fraud schemes continue to emerge.

The group pledged to work collectively and independently to ensure that all customers are fully apprised of measures that are at their disposal to do personal checks and balances.

It said it is committed to enhancing internal and industry controls, educating clients, and improving service through the consistent use of best practices and systems that detect and prevent gaps, ensuring the safety of clients and business.

The association added that customers have entrusted the member entities as custodians of their investments, and this is a responsibility they do not take lightly.

As such the members of the JSDA are committed to full transparency, as they identify and implement opportunities for constant improvements.

The JSDA is urging customers to remain vigilant and regularly monitor their accounts through online platforms, as well as report any suspicious activity to the relevant institution.

The members of the JSDA said they are committed to transparency and integrity in the management of client assets and data; as well as expansion in access to investing and wealth creation, which provides a strong foundation for a vibrant thriving economy.


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