Finance Minister Dr. Nigel Clarke announced to the nation on Monday that Jamaica’s law enforcement agencies, which are looking into the multi-billion dollar fraud at securities dealers Stocks and Securities Limited (SSL), have requested assistance from the Federal Bureau of Investigations (FBI) in the United States.
The Financial Investigations Division (FID) has stated that the investigation into what is being referred to as the largest fraud in the island’s history began more than ten years ago. Clarke also stated that he will contact Jamaica’s overseas partners today to include forensic auditors in the investigation.
While delivering a special policy address at the Ministry of Foreign Affairs and Foreign Trade, downtown Kingston, on the regulation of the financial sector in light of the SSL fraud case, In a document, the primary suspect in the fraud claimed that she began defrauding clients’ accounts in 2010 and continued doing so. At least 40 accounts, one of which was opened by Jamaican Olympic hero Usain Bolt via a limited liability company, are thought to have been the target of billions of dollars in theft.
Multi-billion Dollar Fraud
According to Bolt’s attorneys, his account, which on October 31, 2022, showed a balance of US$12.7 million, has been depleted to US$12,000. The sprint legend has given SSL until January 27 to return his money or face legal action.
The additional foreign law enforcement agencies that the Jamaican authorities contacted were not identified by Clarke on Monday. While saying that the fraud has shocked the soul of Jamaica, he simultaneously described it as alarming.
Also read: Gunman in Paris Kills 3, Injures 3
He said the fraud was allegedly perpetrated, and the fact that the perpetrator, or perpetrators, seemed to have deliberately and heartlessly targeted elderly persons, as well as national icon Ambassador Usain Bolt
He acknowledged that the subject had been covered in every significant media outlet across the globe, which he said had caused great embarrassment to Jamaicans at home and abroad Like many Jamaicans, he said he is deeply pained by these events and experiences the full spectrum of emotions, including disgust, hurt, and deep pain.
Additionally, he claimed that over the past 30 years, Jamaica has been negligent in failing to apprehend and prosecute those criminally accountable for a number of dubious schemes, including Cash Plus and Olint.
He claimed that the investigative authorities have complete operational independence and will pursue the facts wherever they may lead.
They will discover the precise manner in which money is said to have been stolen, as well as who profited from it and who organized and assisted in the theft. The investigation will also look to see if any assets were purchased using the money obtained from this fraud. Any and all legal measures will be taken to restrain these assets if and when they are discovered, with the goal of full forfeiture, according to Dr. Clarke.
Having spoken with some of the people in charge of the investigation, he said that they are resolute and determined to unravel its complexities and bring all accountable to justice…
He insisted that the Jamaican financial sector is still robust and resilient despite this most unfortunate development.
