Jean-Ann Panton, the sole accused so far charged relative to the multi-billion-dollar fraud at investment firm Stocks and Securities Limited (SSL), was on Wednesday remanded in custody for a case management hearing to continue.
Panton appeared via video link in the Home Circuit Court in downtown Kingston, the same morning the Financial Investigations Division (FID) issued a statement in which it disclosed that more than 200 affected accounts and a staggering US$30 million have been attributed to fraudulent activities among SSL clients’ funds.
The FID said the probe so far has detected “potential criminal and regulatory breaches involving both the company itself and individuals associated with it,” which are distinct from the ongoing court case related to Panton.
In court on Wednesday, prosecutors advised that its case relative to the 21-count indictment against Panton, which is dated February 17, 2023, is complete.
Panton’s attorney, Sylvester Hemmings, acknowledged receiving disclosure, but told the presiding judge that he would need between three and four months to examine the documents.
During that time, Hemmings said he will take further instructions from his client.
Consequently, Panton was remanded in custody.
She is charged with numerous breaches of the Larceny Act, the Proceeds of Crime Act (POCA), the Forgery Act, and the Cyber Crimes Act.
The ex-SSL employee has been denied bail twice, the latest of which was on April 20, 2023.
Panton, who has more than 20 years of financial service experience, had reportedly confessed to taking money from clients’ accounts without their consent.
Sprint legend Usain Bolt is among the more than 200 investors who have been impacted by the fraud.
However, despite the magnitude of the alleged fraud and numerous appeals, the FID said it has only received 23 official statements from affected individuals and entities.
Investigators have not indicated whether the retired sprinter is one of the individuals who have given a statement to them.