Wednesday, 18 January 2023 14:11

Finance minister angry over alleged fraud at SSL

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Finance Minister Dr Nigel Clarke has reacted to the alleged fraud that is unravelling at investment firm Stocks and Securities Limited (SSL), by expressing “shock” and “anger” at the development which he also described as “evil”.

“Like all Jamaicans I am in shock, and feel a profound level of anger and disgust, at the alarming and evil fraud that has allegedly been committed at Stocks and Securities Limited, and which is the source of public discussion and anxiety at this time,” said Clarke in a statement late Tuesday.

Clarke's statement came on the heels of the Opposition People's National Party calling on the Government to break its silence on the matter, recording artiste Baby Cham criticising Government ministers for not not speaking out, and a letter written to SSL on Monday by the law firm Fraser, Binns and Gordon.

The law firm, which is representing sprint legend Usain Bolt whose account with SSL was allehedly fleeced of more than US$12.7 million or nearly J$2 billion, gave the investment firm 10 days, ending January 27, to reimburse the eight-time Olympian in full or face legal action, both criminal and civil.

Bolt has US$12,000 (J$1.8 million) left in his account with the securities dealer, according to his attorneys.

The retired athlete is reportedly among more than 20 individuals fleeced of millions of Jamaican and US dollars in the massive fraud that the investigative bodies, the Fraud Squad and the Financial Investigations Division indicated on Monday took place over more than a decade.

An ex-employee, a wealth advisor who worked with SSL for 25 years, has been implicated in fraud activities and has reportedly confessed to removing funds from clients' accounts.