Chartered Accountant and Financial Commentator, Dennis Chung, has described as unbelievable the US multi-million dollar fraud which has taken place at Stocks and Securities Limited.
Nationwide News obtained a copy of the sworn statement from Client Relationship Manager, Jean-Ann Panton, who details how she stole millions of dollars from her clients.
Ms. Panton in her statement detailed from whom, and by what means, she defrauded her clients as far back as 2010.
Mr. Chung says the details are proof that the controls at SSL were weak at best.
The operations of the investment firm have been taken over by the Financial Services Commission, FSC.
According to a 2017 report, the FSC also flagged SSL for various regulatory breaches and threatened to have the company’s securities licence suspended.
Mr. Chung, says the FSC also has to give an account of its oversight of the entity.
Dennis Chung, Chartered Accountant.
Meanwhile, Mr. Chung is concerned that customers of SSL who’ve lost their money may not be able to recover those sums.
He says these types of investments are not necessarily covered by the Jamaica Deposit Insurance Corporation.
Dennis Chung, Chartered Accountant.
