Authorities to look for assets bought with money stolen in SSL fraud

Finance Minister Dr Nigel Clarke says the probe into the massive fraud at investment firm Stocks and Securities Limited (SSL) will seek to ascertain whether the stolen money was used to buy assets which can be recovered by the State.

SSL reported the $3-billion fraud to the Financial Services Commission on January 10, after taking a statement from an implicated ex-employee on January 7.

In a media release late Thursday night, Clarke said that, based on preliminary updates, a number of elderly investors are among those allegedly defrauded in the SSL matter.

The Gleaner reported on Friday that an 87-year-old widow and a childhood friend of the alleged perpetrator are among the victims.

Sprint legend Usain Bolt is also among the 40 SSL clients affected by the fraud. He has given SSL 10 days from January 16 to pay over approximately $2 billion that he said was in his account up to October 2022.  

In his statement on Thursday Clarke said the probe by the Financial Investigations Division and the Fraud Squad will "seek to identify whether assets have been acquired with the proceeds of this fraud. If and when such assets are identified all legal steps will be taken to restrain these assets with the intention of full forfeiture."

He gave the commitment that "no stone will be left unturned in unearthing exactly how funds were allegedly stolen, who benefited from such theft and who organised and collaborated in this."

He also promised transparency in the investigations, but begged members of the public to exercise patience.

"I ask for public understanding of the fact that sometimes the legitimate public interest of being kept abreast sometimes conflicts with other critically important and legitimate public interests of ensuring a thorough criminal investigation, securing successful prosecutions and forfeiting assets derived from stolen funds, where possible. Where those conflicts arise we will be transparent about these too and prioritise ensuring successful investigations and prosecutions by the relevant authorities," Clarke said.

Clarke noted that although speed is necessary, and is being applied, there is need for patience due to the complexities that arise from the very long period over which the alleged fraud was perpetrated.

He also stated that the directors and managers of SSL must account for their stewardship.

"There are many questions to be answered, such as the time period between becoming aware of this fraud and informing the regulatory and investigative authorities, and the actions taken in the interim, among many other matters," he added.

Clarke said on Monday he will deliver a policy address on the broader issues that arise.

Follow The Gleaner on Twitter and Instagram @JamaicaGleaner and on Facebook @GleanerJamaica. Send us a message on WhatsApp at 1-876-499-0169 or email us at onlinefeedback@gleanerjm.com or editors@gleanerjm.com.