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Jamaica: SSL fraud deepens


(Jamaica Observer) The multimillion-dollar fraud at investment firm Stocks and Securities Limited (SSL) deepened on Monday with the police Fraud Squad and Financial Investigations Division (FID) announcing that questionable transactions were being made on some of the affected accounts for more than a decade.

The revelation conforms with a statement given by the main suspect, and seen by the Jamaica Observer, indicating that on several occasions since 2012 she had made withdrawals from the accounts of at least three clients.

Stating that the matter is being treated “with the highest priority” by the FID, the Fraud Squad and the Financial Services Commission (FSC), Selwyn Hay, the FID’s chief technical director, said they are not yet able to quantify the exact amount fleeced from the affected accounts.

Last week when the Observer broke the story, sources said the fraud amounts to more than $1.2 billion and that Olympian Usain Bolt was among more than 30 people whose investments had been affected.

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