SSL provides more details on alleged multi-million dollar fraud, and assures it is seeking to return funds taken from clients
Stocks and Securities Limited, SSL, has provided more details on the alleged multi-million dollar fraud at the investment company, assuring that is seeking to have the funds taken from affected clients accounts returned by the accused perpetrator.
Several investigative agencies including the US-based Federal Bureau of Investigations, FBI are probing alleged fraudulent activity by a former employee.
The employee is believed to have taken billions of dollars from the accounts of some 40 clients including renowned Jamaican athlete Usain Bolt.
In its first detailed statement since the news broke last month, SSL said it is seeking to set the record straight.
According to the statement by the company’s directors and management, SSL learnt of the alleged fraud committed by an employee serving in the role of client relationship manager at the start of this year.
It said the employee was interviewed by its attorneys on January 6 and 7, 2023 in the presence of her attorney and has admitted to wrongdoing.
On January 10, 2023, SSL informed the Financial Services Commission, FSC that it was investigating the alleged fraud.
SSL said the very next day, January 11, 2023, a representative of Mr. Bolt visited the company’s offices and indicated that the said employee had turned up at their offices to confess that she had falsified statements provided to them, had stolen money from them and other SSL clients, and was requesting help from Mr. Bolt’s management team to repay the clients whose funds she had stolen.
According to SSL, it is believed that the accused employee did not initially confess to defrauding Mr. Bolt, because she was aware of the tremendous spotlight which his name would bring to bear on her activities, and despite having admitted to Mr. Bolt’s management team that he was among her victims, apparently still believed that she could borrow the money from his team to repay the other SSL clients.
SSL said efforts are being made to have the employee commit to restitution.
It noted that the management of SSL continues to work to support the investigative agencies in their work.
According to SSL, these staff members are mindful of the attacks and assertions which have been made on them from various quarters, while the former employee who confessed remains at home.
SSL stated that justice should be the objective for all affected clients, famous or unknown and this is its aim.