Finance Minister Dr Nigel Clarke says he shares the profound level of anger and disgust expressed by Jamaicans at the alleged multimillion-dollar fraud that has been uncovered at investment firm Stocks and Securities Limited (SSL).
In a statement today, Clarke characterised the situation as alarming and evil.
Last week, SSL disclosed that several of its clients were allegedly fleeced of millions of dollars in local and foreign currencies given to the firm to invest.
Among them is sprint legend Usain Bolt, who has indicated through his lawyer that he had a balance of J$2 billion or US$12.7 million at SSL as at October 31, 2022.
The figure plummeted to J$1.8m or US$12,000 when Bolt checked his accounts after an ex-employee linked to the scheme reportedly alerted him on January 11.
SSL reported that it discovered the fraud in early January and that the ex-employee, a wealth advisor, has been implicated.
She gave a statement on January 7.
The Financial Services Commission (FSC), which regulates investment houses, took temporary management of SSL on Tuesday, a day after appointing a special auditor for the firm.
Clarke said that he has great confidence in the investigative authorities to unravel all aspects of the alleged fraud and to bring all perpetrators to justice.
At the same, he defended Jamaica’s financial sector.
“It is tempting to doubt our financial institutions but I would ask that we don’t paint an entire hard working industry with the brush of a few very dishonest individuals,” he said.
“Jamaica is the leading financial centre in the English-speaking Caribbean and we will do everything in our power to protect Jamaica’s position in this regard,” the finance minister added.
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