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SSL scandal: ‘questionable acts’ on certain accounts for more than ten years

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The Financial Investigations Division (FID) has estimated the period of time during which “questionable measures” were taken against some of the impacted accounts to be more than ten years as the investigation into purported fraudulent activity at Stocks & Securities Ltd (SSL) continues.

Usain Bolt’s accounts, among those of other people, are reported to have been impacted by the suspected fraudulent activity at SSL.

In a statement released on Monday, FID stated that it was unable to determine the precise sum that had been fraudulently taken from the affected accounts. The statement listed three primary reasons for this, one of which was the timeframe of “questionable activity,” and it described the issue as complicated.

The FID lists the following as the additional primary causes:

The quantity and variety of impacted accounts; the quantity and variety of transactions made on the affected accounts.

Selvin Hay, the Chief Technical Director of FID, stated that “all investigation procedures are being performed, as well as all investigative instruments and regulatory processes are being implemented in a meaningful manner.”

Working together, Hay claims that the Financial Services Commission (FSC), the Fraud Squad of the Jamaica Constabulary Force, and FID are giving the situation the utmost importance.

“At this point in the process, it is still extremely early. Interviews are being done, and statements are being gathered. In order to uncover all linked parties and bring them to justice, we want to reassure the public that the investigation into this scam will be comprehensive.

In accordance with its mandate as a regulator of non-deposit-taking institutions, including organizations active in the securities sector, FSC is carrying out the necessary procedures and measures.

When the purported fraudulent behavior at the firm came to light last week, SSL said it concerned a former employee and that it had taken steps to safeguard the funds under its control and improve internal procedures.

In the interim, Kenneth Tomlinson, a company recovery specialist, has been nominated by the FSC as SSL’s interim manager.

Kenneth Tomlinson, a specialist in company recovery, has been named the interim manager of the investment firm by the Financial Services Commission (FSC).

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