And on January 11, 2023 SSL was notified of the confession she made directly to the team of Dr the Hon Usain St Leo Bolt at his office. Questions abound as to why SSLs licence was not yanked given the spectre of fraud, chronic non-compliance and serious financial problems that were repeatedly raised by the FSC over the last 15 years but never publicly disclosed until the recent Gleaners investigative series. Find the latest breaking news and information on top stories and headlines from Jamaican and the Caribbean. Baker Tilly did not go into detail, but confirmed that it conducted ONE special purpose review (not an external audit) in December 2019 for which we submitted the report in January 2020. Follow Jamaican news online for free and stay informed on what's happening in the Caribbean, Jamaica Observer, 2022 All Rights Reserved, Missionaries continue work in Jamaica despite murders, PNP questions fairness of interdicting Cpl James, Female entrepreneurs to showcase goods at We Inspire brunch, CMO lauds retired Jamaican nurses overseas, NWA CEO meets with CHEC on accelerating south coast highway works, Monday, August 7 to be observed as Independence Day, Cops' no-show at failed peace march irks Negril residents, I am ready to ride in the Derby jockey Allen Maragh, 5K/Walk raises $3.6m for Linstead Hospital, Cornwall look to take lead in St James U-20 tourney, Goody Bar and Tribe Nine Studios celebrate Jamaican fashion, 5 top dance companies BAAND to give NY fans free outdoor treat. 00:00 00:00 Senior reporter and TVJ News Editor Janella Precius By Clinton McGregor The company also said it would "continue to liaise and cooperate fully with law enforcement throughout this investigation and ensure that the responsible party faces the full consequence of the law". There was no indication of any fraud or use of client funds by SSL in any audits, whether by independent auditors or by the FSC. According Ms. Panton's statement, she estimated that US$864,614.60 and J$18,186,000 was fleeced from the accounts of her clients. SSL has had an enviable reputation over the years for the management of client portfolios, particularly in international instruments, and therefore it has been one of the institutions of choice for high-net-worth individuals, families, and companies. The very next day, January 11, 2023, a representative of Dr the Hon Usain St Leo Bolt visited the offices of Stocks and Securities Limited and indicated that the said employee had turned up at their offices to confess that she had falsified statements provided to them, had stolen money from them and other SSL clients, and was requesting help from Dr. the Hon Usain St Leo Bolts management team to repay the clients whose funds she had stolen. No one has been charged in the ongoing fraud probe, although several persons have been questioned. That information was corroborated by Bolt's attorney Linton Gordon in a January 16 letter to SSL demanding that Bolt's money be returned, facing which the company would face legal action. A potential headache for Bolt and his legal team is the possibility that the statement they got from SSL indicating a balance of US$12.75 million could have been nothing more than a fabrication, the source argued. However, it has become necessary to set the record straight in respect of some damaging and widely repeated inaccuracies which suggest, inter alia, that the SSL directors and management sought to dispose of assets in order to frustrate efforts by authorities to take control of same. SSL is a private company whose financials are not disclosed to the public or investors, a situation the Government says will soon change for dealers in securities such as stocks and bonds. The answer is again, No. The Financial Services Commission, which is being raked over the coals for what is perceived as its lax oversight of an entity it dubbed a "problem institution" in 2017, has already sent an interim manager into SSL. And on January 11, 2023 SSL was notified of the confession she made directly to the team of Dr the Hon Usain St Leo Bolt at his office. All Stories. While the company believed that the impact on the first identified 39 clients could be addressed with the cooperation of regulators, it was immediately apparent that the national and indeed, global stature of the last client impacted would likely make a measured and systematic approach to investigation very challenging indeed. No. The further intention was that the Trustee and his team would conduct an Independent Business Review (IBR) and other investigations into SSL's operations to determine, among other things, its financial state of affairs as of the date 16 January 2023. Interest and penalties are not clear. The police have been involved in a series of meetings with prosecutors as they pore over evidence in the Stocks & Securities Limited (SSL) fraud scandal. Panton is at the center of the multi-million-dollar SSL fraud. On Tuesday, January 10, 2023, SSL notified the FSC and on January 11, 2023, SSL issued a press release notifying the public that alleged fraud had been identified. no evidence of cash being stolen) in relation to that client, although the employee's actions may well have been preparatory to committing fraud in respect of the client. Approximately $3 billion is believed to have been fleeced from dozens of account holders, including retired sprinter Usain Bolt, who has lost $2 billion. 'I was not aware of him having an account there, his name never came up; it never ever arose while I was there," the former CEO emphasised. A statement by Jean-Ann Panton, a former Wealth Advisor at Stocks and Securities Limited (SSL), which has been making the rounds on social media, has been authenticated. It was intended that he would also use the results of the IBR to explore the restructuring and reorganization options that were available to preserve and enhance the value of the business, operations, and undertakings of SSL for the benefit of all its stakeholders. The special auditor is part of the enhanced oversight embarked on by the FSC after it became aware of the fraud allegations at the investment firm. SSL self-reported to the FSC and the public when the fraud was discovered. The vast majority of clients have not been affected by fraud. The FSC will simultaneously continue its investigations into matters related to SSL," the regulator said. Practically, the FSC through their Temporary Manager has had control over the entity so SSL has not been in a position to respond publicly or clarify allegations. A statement of the companys assets and liabilities, signed by SSL founder and executive director Hugh Croskery, Laurence Adamson, and Peter Knibb, showed net assets of $1.3 billion and total liabilities at $1.1 billion as at June 30, 2022. It is believed that the reasons that she did not initially confess to defrauding this particular client are (1) she was aware of the tremendous spotlight which the Bolt name would bring to bear on her activities, and (2) amazingly, she, for whatever reason, and despite having admitted to the Bolt management team that Dr, the Hon Usain Bolt was among her victims, apparently still believed that she could borrow the money from the Bolt management group to repay the other SSL clients. Since inception, the company never achieved the level of projected revenues required to sustain operations, Baker Tilly said in a 2017 audit report. The Management of SSL continues to go to work every single day to support the FSC, FID, and Fraud Squad in their work. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at https://bit.ly/epaper-login, WATCH: Police search property of SSL ex-employee in fraud scandal. "All investigative steps are being taken," Hay said, adding that all investigative tools and regulatory protocols are being applied in a purposeful manner by the FID, Fraud Squad and the FSC, Jamaica's regulator for non-deposit-taking financial institutions, including securities dealers. The events that have unfolded have had tremendous adverse consequences for the affected clients, and for the hard-working staff at SSL. Client funds and Proprietary Funds (Funds for SSL's operations) are entirely separate, with separate departments and controls to ensure they are not mixed. SSL contacted its insurers on January 11, 2023, and Shareholders and Investors were also willing to examine arrangements to provide restitution to affected clients. Now you can read the Jamaica Observer ePaper anytime, anywhere. It did not mention sprint legend Usain Bolt, who is among the affected SSL clients in the massive fraud that is being probed by the Financial Investigations Division and the Fraud Squad. In a seven-page statement, the company sought to clear the air in relation to pronouncements concerning actions to wind up its operations and the mixing of client funds with those used for the day-to-day running of the company. The hearings were delayed for a number of reasons, primarily related to her medical issues. The very first point at which the company became aware that the fraud affected this client was when the member of the Bolt management team visited SSL's office, the former employee having omitted any mention of this client in her initial confession. The countrys reputation has taken a beating worldwide because of allegations that fraud at SSL has left global sprint sensation Usain Bolt fleeced of almost US$13 million he had put aside for his retirement. All prices are in US Dollars. During the holiday period, discussions with her attorney commenced simultaneously and by the first week of January 2023, it was agreed that she would provide a confession. Managing partner Sonia McFarlane told The Sunday Gleaner: We have no comments. We ask that comments are civil and free of libellous or hateful material. SSL has had an enviable reputation over the years for the management of client portfolios, particularly in international instruments, and therefore it has been one of the institutions of choice for high-net-worth individuals, families, and companies. Jamaican law enforcement received complaints about alleged fraud at wealth management firm Stocks & Securities Ltd (SSL) on January 11, affecting accounts belonging to Bolt and others, Selvin. No current board members or managers were aware that Dr the Hon Usain St Leo Bolt had an account given: 1. The JSE continues to review all matters in relation to SSL and is in close contact with the FSC and the temporary manager, the JSE said. The TAJ has not responded to the questions. Please do not write in block capitals since this makes your comment hard to read. Visit BBC News for up-to-the-minute news, breaking news, video, audio and feature stories. Unconfirmed reports hinted that the monies involved could run in excess of US$30 million or Ja. The police raided the upscale residence of SSL employee Jean-Ann Panton on Friday, January 20, 2023. Chartered accountants BDO Jamaica would not be drawn. He urged Jamaicans not to believe the fallacy that the country is somehow flawed because of the SSL fraud scandal. Please do not write in block capitals since this makes your comment hard to read. However, our advertising department can be more than accommodating if emailed: If readers wish to report offensive comments, suggest a correction or share a story then please email. In her confession, the employee indicated that she conducted transactions for clients outside of SSL's systems, she continued to make payments to those clients from the pool of funds which she herself had personally accumulated. Following news that Stocks and Securities Limited (SSL) was attempting to wind up the company, development economist and financial commentator Dr. Chris Stokes has expressed support for the decisive action taken by the Financial Services Commission (FSC) to prevent that move. It says the trustee would have preserved the assets of the company while ensuring that the directives of the FSC are implemented. "In the case of SSL, this enhanced oversight reflects the need for the FSC to have a full view of the integrity of the transactions being conducted, including the movement of funds, and of securities into and out of SSL. Tax data obtained shows that up to January 30, 2023, SSL had an outstanding balance in payroll taxes of $40.5 million. Practically, the FSC through their Temporary Manager has had control over the entity so SSL has not been in a position to respond publicly or clarify allegations. Some comments may be republished on the website or in the newspaper; email addresses will not be published. Stocks & Securities Limited (SSL) owes the State $40 million in taxes, some representing deductions from employees wages, in the latest unravelling of the internal affairs of the 50-year-old investment and brokerage firm at the centre of a multibillion-dollar fraud scandal. No current board members or managers were aware that Dr the Hon Usain St Leo Bolt had an account given: 1. The letter specifically stated: "This serves to advise the Financial Services Commission that Stocks and Securities Limited (SSL) is currently investigating allegations of alleged fraud committed by an employee serving in the role of Client Relationship Manager. KPMG provided a qualified opinion in its audit of SSL for the year ending June 30, 2016, according to FSC documents obtained by The Sunday Gleaner. He has 30 years experience in Corporate Recoveries, Turnaround Management, Proposals, Receiverships and Bankruptcies. A 2019 FSC report into the operations of SSL found that the company was engaging in the mixing of client funds with money used to cover its daily operations. Mr. Campbell is a Trustee licensed under the Insolvency Act by the Supervisor of Insolvency. Efforts are also being made to have the employee commit to restitution. Other financial entities that have been hit by financial problems of one type or other have had the opportunity to execute their work plans, however, the incorrect impression appears to be that SSL has taken no steps and had no plan. This remains so despite the recent spate of cases of fraud at various financial institutions. Questions on SSLs tax liabilities were sent by The Sunday Gleaner last week to Tax Administration Jamaica (TAJ), the Governments chief revenue collecting agency. SSL Board and Management does not know how or where the funds stolen from clients of SSL were used. That effort failed and the business was sold to MFS in 2022. As a licensed securities dealer, SSL facilitates clients investments in securities including local and international stocks and bonds. According to one Observer source, no deposits were made in Bolt's name; rather they were deposited through a limited liability company. The appointment of the Trustee was notified to the FSC on January 12, 2023, and discussions were ongoing. The funds were listed in both Jamaican and US dollars. She confessed to modifying and fabricating requests to sell securities, and to using various techniques to steal the proceeds of the liquidation of the securities. We welcome reader comments on the top stories of the day. In her confession, the employee indicated that she conducted transactions for clients outside of SSL's systems, She continued to make payments to those clients from the pool of funds which she herself had personally accumulated. READ: SSL founder denies being involved in any fraudulent activity during tenure at brokerage firm, Now you can read the Jamaica Observer ePaper anytime, anywhere. Bolt's lawyer Linton P. Gordon has revealed that $12 million was vanished from the legendary athlete's account. In fact, this system is considered one of the best in the world and accurately shows clients' portfolio holdings. Work had started to review all transactions related to those clients whom she had initially listed and to carry out the notifications to the FSC, JSE, affected clients, insurance, etc when the representative of Dr the Hon Usain St Leo Bolt visited the offices of Stocks and Securities Limited. The vast majority of clients have not been affected by fraud. SSL has confirmed that its insurance policy includes coverage for employee dishonesty and forgery with coverage up to US$1 million. SSLVC first came to the stock market in 2012 as a music publishing start-up called C2W Music Limited, a business that ultimately failed and racked up losses amounting to US$1.5 million up to December 2017, based on audit reports by Baker Tilly. Once the shares were sold, cheques would be requested and entrusted to four bearers who would change them at the bank and return the money to her. Baker Tilly is NOT the external auditors for SSL, emphasised Wayne Strachan, a senior partner at the firm. (AP) Prosecutors have filed neglect and drug charges against the parents of a 16-month-old boy fatally shot by his 5-year-old brother after the older child found a handgun in their apartment. Why was the alleged fraud not detected before? Efforts are also being made to have the employee commit to restitution. If J$2 billion or whatever you convert it into moves out of a bank account, there's something to indicate that movement. Also . The rumour mill continues to generate unfounded claims, while the confessed perpetrator remains at home. SSL appointed a trustee on January 16, 2023, and the Financial Services Committee appointed a Special Investigator and Temporary Manager on January 17, 2023. The money problems continued even after SSL was forced to sell 500 client accounts to JN Fund Managers in 2013. The management of Stocks and Securities Limited (SSL) has called in the police to probe what is believed to be massive fraudulent activites carried out by a former employee at the company. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at https://bit.ly/epaper-login, Jamaica Observer, 2022 All Rights Reserved, Oops, this content can't be loadedbecause you're having connectivity problems, Clarke tries to clean mud off Jamaicas name amid SSL scandal, Stay always informed and up to date with our breaking news alerts, St Ann's Bay football tournament kicks off, Mandeville overrun by thugs, says councillor, 2000 evacuated in la palma wildfire in spains canary islands official says blaze out of control, Jill stewart passes after brave cancer fight, LETR 5K set for Police Officers' Club on Sunday, Windies crash to three-day defeat after Ashwin takes seven, COVID-19, mosquitoes and rats a concern for St Thomas, Women parliamentarians support Grange's bipartisan efforts, Dominique Condison - Unpacking womanhood through dance, New Bail Act to be tabled next week Tuesday, Watch pm defends govt mps projects amid criticism from opposition mp in manchester, Vaz: JUTC services to be expanded to more rural communities, Campion Dance Society to headline Jamaica 61 celebrations in South Florida, New York, Long island architect charged in 3 of the gilgo beach serial killings, JWNF unleashes the next generation of DJs, Music streams for 2023 hit 1 trillion in record time latin and k pop artists are big reasons why, Chuck says democracy being undermined by social media mischief, Celebrating Gregory Isaacs's 72nd 'strong', Thrower Williams set to continue development at Barton College, 'Edna' faculty stage The Chords That Unite Us to aid music students, Harbour Wines & Spirits Celebrates A Legend, Hibbert wins US Scholar Athlete of the Year Award. None of the senior managers at SSL, the source said, would have been aware of an account for Bolt for the simple reason that there was no account in his name. Justice should be the objective for all affected clients, famous or unknown. The FSC conducted an audit between February and June 2019 and no such irregularities were detected. There was no indication of any fraud or use of client funds by SSL in any audits, whether by independent auditors or by the FSC. The Company estimates that within seven (7) to fourteen (14) days there will be a reasonable estimate of the exposure, however, this is unknown at this time. Unfortunately, not all places in Jamaica are safe tourist hubs. Clarke has questioned a special audit of the value of SSLs client assets and liabilities within the off-balance sheet portfolio as at September 30, 2019. The company is embroiled in a multi-billion-dollar fraud. Reggae and Dancehall. Specifically, it was discovered that she had produced a false statement to a client of SSL. Consumer confidence in the Jamaican economy dipped marginally by 2 per cent in the second quarter. Man wanted for requesting Uber rides, robbing drivers at gunpoint. BBC News provides trusted World and UK news as well as local and regional perspectives. the Stocks and Securities Ltd building on Hope Road in St Andrew.
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