The multimillion-dollar fraud at Jamaican funding agency Shares and Securities Restricted (SSL) has exceeded some US $30 million and impacted over 200 accounts.
The Monetary Investigations Division, which is concerned within the investigation, stated inquiries prolong past Jamaica.
“Proof now reveals that there are over 200 affected accounts and a staggering quantity exceeding US$30 million attributed to fraud and different irregularities associated to shoppers’ funds. Regardless of quite a few appeals and direct technique of communication, the Monetary Investigations Division (FID) has solely acquired 23 official statements from affected people and entities,” FID stated in an announcement.
Alleged fraudster remanded till 2024
To this point, just one individual, Jean Ann Panton, has been charged in relation to the fraud. She appeared once more in courtroom immediately, and was remanded till Could 27, 2024.
Panton was indicted for 3 counts of larceny as a servant, three counts of falsification of accounts, 5 counts of forgery, 5 counts of uttering cast paperwork, three counts of participating in transactions involving stolen property, and three counts of breaches of the Cybercrimes Act.
Panton is accused of fleecing roughly $3 billion from greater than 30 SSL shoppers over a 10-year interval.
Olympian Usain Bolt and a sitting Member of Parliament, whose title is being withheld, are among the many greater than 30 individuals whose investments at SSL are believed to be amongst these fleeced by a wealth advisor.
Complicated investigation courting again to 2006
FID additionally highlughted the complexity of the investigation, because it includes a complete examination of the corporate’s actions courting again to the inception of SSL in 2006.
“The meticulous inquiry requires an intensive evaluation of the whole time interval, scrutinising the circulation of investor funds. This course of, by its nature, is time-consuming and deliberate,” they stated.
To this point, the investigation has revealed felony breaches involving the corporate and folks related to it.
“Presently, the findings point out potential felony and regulatory breaches involving each the corporate itself and people related to it. It ought to be famous that these issues are distinct from the continued courtroom case, which facilities on a chronic fraud affecting quite a few traders,” FID stated.
“The investigative course of is way superior and we at the moment are on the level the place a file is at present with the prosecutors who’re reviewing the evidential materials with a view to discerning the potential fees,” the FID added.
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