Stocks and Securities Limited (SSL) has been rattled by a highly “sophisticated” fraud operation involving the liquidation of over a billion Jamaican dollars in stocks and bonds held by more than 20 clients, including sprinting sensation Usain Bolt. As a result, the Financial Services Commission has expanded its monitoring and control over the investment business (FSC).
One of the largest heists in Jamaica’s banking industry is suspected to have been plotted by a former employee.
According to a Gleaner source acquainted with the investigations, the massive swindle that sent shockwaves across the country was only discovered late last week.
The former worker, who was under investigation for unrelated matters at the private firm, allegedly got in touch with Bolt management on Wednesday after the business’ internal controls discovered substantial abnormalities with a number of the accounts she used to oversee.
The management team of the multiple gold medalists at the Olympics and World Championships was then contacted by SSL to talk about the situation.
According to initial estimates, Bolt’s holding company-related portfolio has apparently been scammed of about US$6 million in stocks and bonds, while the losses to other clients amount to about US$4 million.
There were also apparently J$40 million worth of extra stocks and bonds that were stolen.
According to reports, the suspected scam went on for at least a year.
The police had taken…
