Exact sum reportedly defrauded at SSL still unclear, says FID

The Jamaica Constabulary Force's Fraud Squad and the Financial Investigations Division (FID) said they are continuing their collaborative investigation into alleged fraudulent activities at Stocks & Securities Ltd (SSL), which are said to have affected the accounts of Usain Bolt, among other individuals.

In a statement today, the FID said it is also collaborating with the Financial Services Commission (FSC), which is “executing the requisite protocols and actions in accordance with its remit as regulator of non-deposit-taking institutions, including entities operating in the securities industry”.

“As the investigation progresses, the FID is at this time unable to quantify the exact amount which has been defrauded from the affected accounts,” the agency said.

FID said currently the case appears to be a complex one for three main reasons:

• The number and types of accounts affected
• The number and types of transactions conducted on the affected accounts
• The length of time (over a decade) during which questionable actions were taken against some of the affected accounts.

The FID's Chief Technical Director Selvin Hay noted, “All investigative steps are being taken; as well as all investigative tools and regulatory protocols are being applied in a purposeful manner. All three organisations are treating this matter with the highest priority.”

He added, “At this stage, it is still very early in the process. Statements are being collected and interviews conducted. We wish to assure the public that the work into unravelling this fraud will be thorough with a view to identifying all connected parties and bringing them to justice.”

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