SSL Denies Wind-Up Claims, Hits Back at Critics Over Alleged Fraud Mishandling

Stocks and Securities Limited (SSL) refutes winding up claims while revealing that the Financial Services Commission of Jamaica (FSC) was long aware of its plans to appoint a trustee to aid with restructuring and compliance. It also says the former employee confessed to Usain Bolt’s management team that she defrauded the athlete and sought his help in repaying the 39 other clients she fleeced.

The board and management at SSL in an attempt at clearing so-called inaccuracies say it is untrue that they attempted to wind up operations as was previously reported in the media by the Finance Minister and the FSC. It explains that Caydion Campbell’s appointment as trustee was days prior told to the FSC and discussions were ongoing, adding he was to ensure the necessary conservatory measures were in place as well as to ensure compliance with the FSC’s directives.

SSL insists it at no time attempted to obstruct the FSC’s attempts at intervening with the appointment of a temporary manager as is suggested in some segments but sought to explain its naming of a trustee during the same period. The SSL team says they alerted the FSC to the fraud by a former employee on Jan 10, 2023, advising the level of exposure was unknown and that they were undertaking investigations with the help of guardsman elite, and external auditors.

It says they notified the FSC of interviews conducted with the accused on January 6 and 7 at which time she allegedly confessed to her wrongdoing impacting 39 people. They say they advised the authorities that other interviews were scheduled for the week of January 9 with known associates. They say they also advised they had over 1 million us dollars in insurance coverage for incidents to include employee dishonesty and forgery.

Of note, SSL says when she visited and confessed, she had not made mention of that account in her initial confession in front of her lawyer and a JP when she only mentioned 39 clients. They say amazingly she approached the track star, confessed and sought help to get more funds to help repay the other affected clients. SSL say that was when bolt’s account came to their attention for the first time. SSL says the worker was dismissed after a hearing last year involving another client’s accounts and was delayed in September due to the worker’s medical condition. It also states that despite several internal and external audits the irregularities were never detected.