Post by montegobayjobs on Sept 9, 2023 12:58:09 GMT
The Financial Investigations Division (FID) is appealing to persons affected by the alleged fraud at investment firm Stocks and Securities Limited (SSL) to come forward.
The government agency said it has been making contact with victims by phone and email.
But, it said has been encountering difficulties.
"The responses from some have been short of encouraging," the FID said Thursday in a statement giving an update on the probe that started in January when the company reported allegations of fraud.
"We continue to appeal to those affected to contact the FID. It is a critical part of seeking justice through the courts," the agency added.
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Director General of the FID, Selvin Hay said the investigation has taken on new dimensions which are wider than first expected.
"What is being uncovered is that there are approximately 70 affected accounts; this is significantly more than the just over 40 affected accounts at the initial phase. The investigation has also identified other fraudulent schemes at SSL which has resulted in the misappropriation and/or loss of numerous investors' funds amounting to over US$10 million," he said.
The FID said it is "robustly pursuing various lines of inquiry and taking all the necessary steps to lead evidence-based prosecutions in the court at the appropriate time against all guilty parties."
Some $3 billion was alleged fleeced from the initial 40 clients, including sports icon Usain Bolt.
The agency said before the next court date in the matter, it anticipates the arrest and charge of "other actors involved in the multiple fraudulent schemes recently discovered."
Former client relationship manager at SSL Jean-Ann Panton is the only person charged in the matter so far.
She is due back in court on December 6.
Meanwhile, Finance Minister Dr Nigel Clarke said Thursday's update from the FID was consistent with the government's policy position for the investigation to "leave no stone unturned."
The government agency said it has been making contact with victims by phone and email.
But, it said has been encountering difficulties.
"The responses from some have been short of encouraging," the FID said Thursday in a statement giving an update on the probe that started in January when the company reported allegations of fraud.
"We continue to appeal to those affected to contact the FID. It is a critical part of seeking justice through the courts," the agency added.
Headlines Delivered to Your Inbox
Sign up for The Gleaner’s morning and evening newsletters.
Director General of the FID, Selvin Hay said the investigation has taken on new dimensions which are wider than first expected.
"What is being uncovered is that there are approximately 70 affected accounts; this is significantly more than the just over 40 affected accounts at the initial phase. The investigation has also identified other fraudulent schemes at SSL which has resulted in the misappropriation and/or loss of numerous investors' funds amounting to over US$10 million," he said.
The FID said it is "robustly pursuing various lines of inquiry and taking all the necessary steps to lead evidence-based prosecutions in the court at the appropriate time against all guilty parties."
Some $3 billion was alleged fleeced from the initial 40 clients, including sports icon Usain Bolt.
The agency said before the next court date in the matter, it anticipates the arrest and charge of "other actors involved in the multiple fraudulent schemes recently discovered."
Former client relationship manager at SSL Jean-Ann Panton is the only person charged in the matter so far.
She is due back in court on December 6.
Meanwhile, Finance Minister Dr Nigel Clarke said Thursday's update from the FID was consistent with the government's policy position for the investigation to "leave no stone unturned."