Nearly two years after approximately US$13 million had disappeared from his accounts at Jamaica’s now disgraced Stocks and Securities Limited (SSL), former global track and field icon Usain Bolt and other defrauded investors are set to be repaid most of their invested funds.
The SSL this week announced plans to repay robbed investors two years after coming within ‘inches’ of collapsing after several employees had raided the accounts of people like Bolt. The sprinter, who still holds the world record for the men’s 100 meters at 9.58 seconds and the 200 meters at 19.19, had been alerted to an empty account by an ex-SSl employee, triggering a massive investigation, some dismissals and a police probe into the operations of the securities agency.
The agency, in a release, stated that plans are at an advanced stage to pay out more than $30 million to more than 200 clients who have been waiting patiently for more than a year since the scandal broke in late 2022. The state regulator, the Financial Services Commission (FSC), has ordered the SSL to begin the payout soon.
“The commission assures all stakeholders that it is dedicated to maintaining transparency and accountability throughout this process and will provide further updates as necessary,” said Executive Director Keron Burrell.
“The FSC remains resolute in its mission to facilitate the fair treatment of SSL investors. This vigilant oversight is crucial to ensuring that SSL meets its obligations to clients in a timely and transparent manner, in alignment with the legal and regulatory framework established by the Securities Act. The commission assures all stakeholders that it is dedicated to maintaining transparency and accountability throughout this process and will provide further updates as necessary.”
The two bodies stated they had raised money for the payout by selling a portion of their international securities client portfolio, which raised $30 million.
The payout comes as SSL is undergoing a court-monitored winding-up process under the control of a legal trustee.
So far, police have charged only one person with fraud. She is former SSL Client Relationship Manager Jean-Ann Panton, who is facing a 21-count indictment for forgery, larceny as a servant, and related charges.
Update: The story has been corrected and updated to reflect the true amount from $13 billion to $13 million.
