News Americas, New York, NY, Tuesday. September 24, 2024: The Financial Services Commission of Jamaica, (FSC), has announced that Stocks and Securities Limited, (SSL), will soon begin distributing approximately $30 million to clients who have been waiting for more than a year to recoup their investments. theirs.
Olympic champion Usain Bolt was among those who lost money.
In a statement, the FSC confirmed that SSL is making significant progress in its plans to compensate its customers, based on the latest information from the trustees overseeing the company’s affairs.
SSL Client Portfolio Revenue
The payment will be obtained primarily from the sale of SSL’s international securities client portfolio, valued at over $30 million. SSL has been embroiled in a fraud scandal since January 2023, leading to numerous lawsuits and court cases that have challenged the firm’s control.
Ongoing fraud investigation
The scandal, which rocked Jamaica’s financial sector, has involved a multibillion-dollar fraud investigation, affecting several clients, including Olympic champion Usain Bolt, who reportedly lost more than $12 million. In response, the Jamaican government enlisted the help of the US Federal Bureau of Investigation (FBI) to assist local authorities in the investigation.
Changes to SSL management
After temporarily taking over management of SSL, FSC lost control in May 2024 when Judge David Batts ruled in favor of Caydion Campbell, who had been appointed SSL trustee by the company’s former board of directors. The case is expected to return to court this week.
FSC Oversight and Compliance Measures
The FSC has maintained its regulatory oversight of SSL and issued directives on 31 July 2024 requiring SSL to provide regular updates on its operations, including the status of payments to customers. These measures aim to strengthen transparency and accountability during the company closure process.
“The FSC continues to ensure that SSL complies with the legal and regulatory framework under the Securities Act,” said FSC Executive Director Lt Col Keron Burrell. He emphasized that the Commission is focused on protecting SSL customers and maintaining the integrity of the financial system.
Ongoing Surveillance and Law Enforcement Cooperation
The FSC reiterated its commitment to protect SSL investors and ensure that the firm fulfills its obligations in a timely and transparent manner. In cooperation with law enforcement agencies, FSC is working to complete a full investigation into the alleged fraud and any irregularities at SSL.
“The commission assures all interested parties that it remains committed to maintaining transparency throughout this process and will provide updates as needed,” Burrell added.
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