The multi-million dollar fraud scandal at Stocks and Securities Limited (SSL) has reduced customers’ confidence in the investment firm with a current account holder calling for the company to be dissolved and for its clients to be paid what is due.

SSL is under investigation after it was reported that multiple accounts were defrauded, most notably that of Olympic champion and retired sprint legend Usain Bolt. According to the 36-year-old’s attorneys, he was defrauded US$12.7 million which they said was in his SSL account up to October last year.

Our Today spoke with an account holder at the investment firm who wishes to remain anonymous but shared that they were shocked by the news.

“What I can say is that it is just a wow moment. The news left me totally shocked and surprised as this was a very trusted institution. Honestly, I still can’t believe this is actually happening,” stated the customer.

The investigation has led to Jean-Ann Panton being named as the alleged fraudster with reports that she signed a document confessing to swindling customers at the institution. Bolt’s name was not among those listed in her statement.

While speaking about the investigation, the SSL customer with whom Our Today spoke compared Panton to a scammer, demanding that she be treated as such.

“Panton is no step above lottery scammers and should be treated as such. If the rumours are true that she confessed and the company has known from last year, she should be treated like scammers are and the company dissolved, paying all members,” demanded the enraged customer.

With no plans to continue a relationship with the firm, the customer added that “there is not much more current members can do other than withdraw and go to another financial institution, which, given the current new atmosphere, they might experience the same thing”.

In addition to SSL, the National Commercial Bank (NCB) has been caught in a fraud scandal. Khadene Thomas, NCB Capital Markets employee, was charged for allegedly defrauding J$20 million from customers between January 2020 and December 2022.

“I truly believe that this happening right now will imprint a forever stain of mistrust and our fears will cause us to advance in certain financial aspects,” the SSL customer shared with Our Today.

Zachary Harding, a former chief executive officer (CEO) at SSL, sought to distance himself from the scandal over the weekend. He shared that he had no knowledge Bolt was a customer during his time heading the company from September 2019 to June 2022.

The investigation into SSL is ongoing. Panton’s house was searched by members of the Counter Terrorism and Organised Crime and Investigations Branch (CTOC) on January 20. Reports also surfaced that the founding members of SSL are to be questioned as well.

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