Bolt’s US investment confirmed but FID still tallying the amount defrauded at SSL
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Analysis
The article reports an alleged multi-billion-dollar fraud at Stocks and Securities Limited (SSL), includes criminal charges under multiple acts, and quotes the Financial Investigations Division (FID) on its ongoing quantification of the defrauded amount. This is direct government accountability and financial crime coverage involving Jamaican public-sector investigators.
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Bolt’s US$12.7-million confirmed but FID still tallying the amount defrauded at SSL
Investigators probing the suspected multi-billion dollar fraud at Stocks and Securities Limited (SSL) are still not sure just how much money was bilked from its customers.
The woman who reportedly confessed to the fraud, Jean-Ann Panton, was charged this morning with breaches of the Larceny Act, the Proceeds of Crime Act (POCA), the Forgery Act and, the Cyber Crimes Act and is scheduled to appear in the Supreme Court in downtown Kingston today, but no dollar value has been put on the crime.
READ: Confessed SSL fraudster Jean Ann Panton charged
According to the Financial Investigations Division (FID), it is still at this time unable to quantify the exact amount which has been defrauded from all the affected accounts.
“However, with respect to Mr Usain Bolt, the sum of his investment has been identified and authenticated. Despite the matter being in the public domain for just over a month, it is still very early in the process. Statements continue to be collected and interviews conducted,” said the FID in a release this morning.
Attorneys representing the Olympian and sprint world record holder, in a letter dated January 16, 2023, demanded that the investment firm returns US$12.7 million to his account within 10 days or face civil and criminal action.
READ: Bolt gives SSL 10 days to return missing funds
The letter, which was signed by attorney Linton Gordon of the firm Frater, Ennis and Gordon, stated that up to October 31, 2022, the balance in Bolt’s account was US$12,758,181.74.
With the confirmation by FID that the amount claimed stolen from Bolt was correct, speculation that the fraud could be approximately J$ 3 billion has been given more credence and would make this the largest fraud at a local financial institution.
Arthur Hall
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