Alleged SSL fraudster’s assets frozen
Published:Saturday | February 18, 2023 | 1:16 AMTanesha Mundle/Staff Reporter
The Commercial Court has granted an order freezing all of the assets of the former Stocks & Securities Limited (SSL) client relationship manager, Jean-Ann Panton, who is at the centre of a multibillion-dollar fraud at the company.
The order was granted on Wednesday after lawyers representing Olympian Usain Bolt made an application for the injunction.
Bolt’s company Welljen Limited is among the accounts of 39 clients who were allegedly fleeced by Panton.
Panton was yesterday charged with breaches of the Larceny Act, forgery, uttering forged documents, falsification of accounts, engaging in a criminal transaction and breaches of the Cybercrimes Act and was also remanded when she appeared in the Home Circuit Court.
Over US$6.1 million was reportedly invested by Welljen Limited over a period of 10 years but when the fraud was uncovered a balance of US$12,000 was left in the account.
Attorney-at-law Obika Gordon, who, along with his father Linton, is representing Bolt, told The Gleaner yesterday, “We can confirm that we obtained a freezing injunction against Ms Panton. It is an order which provides that her assets up to the amount of six-plus US million dollars have been frozen.”
Additionally, he shared that “There is also a production order for her to provide a statement of all her assets, real estate holdings, shares, stocks, etc.”
The matter will be mentioned on March 15.
In the meantime, the Supreme Court has extended an order blocking the directors of fraud-hit SSL from winding up the company or liquidating its assets.
The order was initially granted on January 25.
King’s Counsel Caroline Hay, who represents SSL and trustee Caydion Campbell, said the order has been extended to February 28 when another hearing into the matter is scheduled.
The order was extended to give the Government more time to respond to affidavits filed by defendants in the matter.
Justice Stephane Jackson-Haisley made the decision yesterday during a hearing involving SSL and the Financial Services Commission (FSC).
The case was brought by the FSC against SSL, Campbell, SSL founder Hugh Croskery and former company directors Laurence Adamson and Peter Knibb.
The injunction has been lifted against Knibb and Adamson because of their resignations as directors.
SSL has denied that it sought to wind up the company when it appointed Campbell as trustee.
“It was the intention of the directors that their powers and authority be vested in the trustee and that the affairs of SSL would be under his control,” the company said in a statement issued by its attorneys.
The company has said that Campbell, of Phoenix Restructuring, Advisory and Insolvency Services Enterprise, and his team intended to conduct an independent business review and other investigations to determine its financial state as at January 16.
The FSC, which regulates brokerages and investment houses, took temporary charge of SSL’s management and operations on January 17, days after the alleged $3-billion fraud had been publicised.