SSL scandal: Over 10 years of ‘questionable actions’ on some accounts Loop Jamaica

The content originally appeared on: Jamaica News Loop News

As the probe into reported fraudulent activities at Stocks & Securities Ltd (SSL) continues, the Financial Investigations Division (FID) has put the length of time during which “questionable actions” were taken against some of the affected accounts at more than a decade.

The alleged fraudulent activities at SSL are said to have affected the accounts of sprint legend Usain Bolt among other individuals.

In a statement sent out on Monday, FID said it is unable to quantify the exact amount which has been defrauded from the affected accounts and described the case as a complex one, detailing three main reasons for this, one of which is the timeline of “questionable actions”.

The other main reasons, according to the FID, are:

The number and types of accounts affected; andThe number and types of transactions conducted on the affected accounts.

“All investigative steps are being taken; as well as all investigative tools and regulatory protocols are being applied in a purposeful manner,” said FID’s Chief Technical Director Selvin Hay.

FID, the Jamaica Constabulary Force’s Fraud Squad and the Financial Services Commission (FSC) are working together and, according to Hay, all three organisations are treating the matter with the highest priority.

“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,” Hay said.

FSC 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.

News emerged last week about the reported fraudulent activity at the company, with SSL saying it involved a former employee and that it has taken steps to secure assets in its control and strengthen internal protocols.

In the meantime, the FSC has appointed business recovery expert Kenneth Tomlinson as the temporary manager of SSL.

The Financial Services Commission (FSC) has appointed business recovery expert Kenneth Tomlinson as the temporary manager of the investment firm.