FBI called in to assist with SSL fraud probe Loop Jamaica

The content originally appeared on: Jamaica News Loop News

The United States’ Federal Bureau of Investigations (FBI) and other international agencies have been contacted by local authorities to assist in investigating the deepening multibillion-dollar fraud gripping investment firm Stocks and Securities Limited (SSL).

Finance Minister Dr Nigel Clarke made the disclosure during a Monday afternoon press conference in which he stated that those responsible for the 13-year fraud will be brought to justice.

Usain Bolt is among those suspected to have been affected by the fraudulent activities at the investment firm.

Clarke also stated that every effort will be made to trace whatever assets may have been acquired by the proceeds of the fraud, wherever those assets may reside.

The Fraud Squad of the Jamaica Constabulary Force and the Financial Investigations Division are leading the probe.

Minister of Finance and the Public Service Dr Nigel Clarke speaking at a press conference at the Ministry of Foreign Affairs in downtown Kingston on Monday afternoon. (Photo: Loop News)

Like many Jamaicans, Clarke questioned how the alleged fraud could have gone undetected for 13 year. He noted that during that time, the Financial Services Commission (FSC), which regulates non-deposit taking institutions like SSL, went through five chairmen, four executive directors and three political administrations.

Clarke noted that “the coverage of this fraud in every major media outlet across the globe is a source of great embarrassment to Jamaicans here, and in the diaspora”.

“I feel the full range of emotions–anger, disgust–and, like many Jamaicans, I am deeply pained by these events.

“This is a body blow to Jamaica and has the unfortunate impact of tarnishing Jamaica’s global reputation,” Clarke declared.

The finance minister said he will today write to Jamaica’s international partners that work with the FID, requesting the help of forensic specialists to determine the length and breadth of the fraud which he acknowledged could have started before 2010.

“I feel the pain of those who have lost resources on which they were dependent,” Clake said.