Alleged SSL fraudster Jean Panton remanded until May 27
Mentioned
Analysis
The article centers on alleged large-scale fraud against clients connected to Stocks and Securities Limited (SSL), with the Financial Investigations Division (FID) stating evidence of substantial fraud and irregularities. It also references ongoing court cases and regulatory temporary management by the FSC, fitting government accountability/transparency tracking.
Full Article
KINGSTON, Jamaica – Accused fraudster Jean Panton, the former Stocks and Securities Limited (SSL) wealth advisor on multiple fraud charges, was on Wednesday remanded until May 27, 2024.
Panton was indicted for three counts of larceny as a servant, three counts of falsification of accounts, five counts of forgery, five counts of uttering forged documents, three counts of engaging in transactions involving stolen property, and three counts of breaches of the Cybercrimes Act.
Panton is accused of fleecing roughly $3 billion from more than 30 SSL clients over a 10-year period.
READ:Accused SSL fraudster Jean Ann Panton remanded until Dec 6
On Wednesday, further investigations into the multimillion-dollar fraud at SSL revealed that more than 200 accounts have been affected, surpassing US$30 million in fraud and other irregularities, with inquiries extending beyond Jamaica.
“Evidence now shows that there are over 200 affected accounts and a staggering amount exceeding US$30 million attributed to fraud and other irregularities related to clients’ funds. Despite numerous appeals and direct means of communication, the Financial Investigations Division (FID) has only received 23 official statements from affected individuals and entities,” FID said in a statement
READ:SSL probe reveals over 200 accounts hit, exceeds US$30m in fraud
SSL has been under the temporary management of the FSC since January after fraud allegations surfaced, indicating then that some 40 clients had allegedly been fleeced of a combined $3 billion from accounts. One individual, Jean Ann Panton, has so far been charged and is to be tried in the Criminal Division of the Home Circuit Court.
The investment firm is currently involved in several open court cases, including with Welljen Limited, a business connected to sprint star Usain Bolt; Jean Elizabeth Forde; Deborah Franz; Mae Elaine Tapper; Jamaica Small Loans and Microfinancing Limited; and Robin De Lisser. Former SSL directors and executives have been listed as additional defendants in amended claims.
READ:Case involving SSL, Financial Services Commission now set for Feb 2024
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