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SSL branded ‘problem institution’ by FSC five years ago
Flagged for culture of non-compliance and mismanagement
Stocks & Securities Limited (SSL) was flagged in 2017 by staff of the Financial Services Commission (FSC) for a “culture of non-compliance and mismanagement of client funds”, a systemic concern that may alarm investors as the company now grapples with billion-dollar fraud.
The opinion is contained in an explosive eight-page report prepared by the FSC in February 2017 ahead of a meeting with SSL representatives who were trying to convince the regulators not to suspend its licence.
“A suspension of the company’s dealer licence, even for a day, would inevitably lead to a total destruction of the company and destabilisation of the financial [sector],” SSL reportedly noted in the document obtained by The Gleaner
SSL (STOCKS & SECURITES LIMITED)
XXXXXXXXXXXXXXXXXXXXXXX
Finance Minister Dr Peter Phillips has been heading a PNP court since November 2015 that questioned Holness’ financing of his home, indicating that it might not stand up to scrutiny.
But Holness has sought to dismiss much of the speculation in a statement that chronicled the building process, his sources of funding, and how he became director of ADMAT, the St Lucia-registered company that purchased the land on which his mansion is built.
The Jamaica Labour Party (JLP) leader said the company was formed after he became education minister in 2007, and a need to structure his “personal affairs”.
“Consequent on that advice, I incorporated an international business company in St Lucia. This course of action is common practice, particularly for estate-planning purposes. The name of the company, ADMAT, is a combination of the names of my two sons Adam and Matthew. I am the sole director of the company and the company has three shareholders, being my sons, and myself,” the statement read.
Holness, who has also faced disclosure calls from the Trevor Munroe-led National Integrity Action, said ADMAT was registered in 2008 and declared to the Integrity Commission, a creature of the Jamaican Parliament to which all members must make declarations of incomes, assets and liabilities.
“Everything I own is physically in Jamaica,” Holness said before going on to outline how funds were sourced for land purchase and subsequent construction of the house. “In late 2010, I started negotiations to purchase a piece of land to construct my family home. In January 2011, I made the first of four payments on the land. Payments were completed in August 2011. The title was transferred in July 2011.”
Holness is denying making the notation “signed while on a visit to Jamaica” on the document. That’s a claim Phillips levelled and questioned at a PNP rally in Manchester on Sunday. Even if that notation was indeed made, attorney-at-law Patrick Bailey says it would not be “unusual” as Jamaica’s Titles Office gives different variations on how this can be captured, including the use of the words “witnessed in Jamaica” or “witnessed while on a visit to Jamaica”.
Meanwhile, Holness has acknowledged that he is now indebted by the purchase of the house and land. He explained that he used money from accounts held at the Jamaica Money Market Brokers and Stocks & Securities to finance the purchase of the Beverly Hills property, as well as loans throughout the construction phase.
‘Bolt’s name never came up’
Former CEOs say they were unaware track star was a client of SSL
he mystery surrounding Usain Bolt’s missing millions is appearing to deepen as two successive CEOs of the beleaguered Stocks and Securities Limited (SSL) had no knowledge that the retired athletics powerhouse was their client. Doubt is beginning…
https://jamaica-gleaner.com/article/lead-stories/20230122/bolts-name-never-came
Baje…a former employee of SSLmade a statement after stealing over 4 million US of client’s money…90 million Jamaican dollars….and listed every client in the database she stole from….for years…..lots of info circulating about those crooks. Info on the PM and exactly how the property was funded and this and that is also out there……crooks all. I wont invest a dime with any Caribbean entity. Too many other and better options out there.
Everything is coming to a head….the era of reveal.
Happy new yesr to all.Took a long sabatical from BU to return to see the same people trying to make a big desl over nothing as usual.On another note these dem moderators causing many people to turn off from the brasstacks programme.It starts with Mr Ellis on Mondays and thursdays followed by Dr Hinds, Ms Jemmott and Mr Wilkinson who encourages thes dems like Mr P, Rawle, Ms Decidef, Alvin, Mr Bascombe and others to repeat themselves everyday.It reminds me of talk ya talk with Ms Holder and the others between 2008 and 2018.They allow callers to make all kind of wild statements without calling for the evidemce to support what they are saying.It comes over as if they the moderators have decide that they are the official opposition.The problem with that is no one appointed them.In my opinion this is the worst set of moderators in the history of brasstacks.
What the hell???? Right now the main asylum is in the bloody UK where your ass is! People in the UK hollering hard as shite and you still want to behave like you escape tuh heaven???
Brexit backfiring, NHS in shambles. A head of lettuce outlasting prime ministers, disastous fiscal and monetary policies tanking the economy, Met police in shambles, full of bloody rapists and abusers and cover ups. But….
Sorry! The main asylum would be the US. UK not far behind, though.
The whole world is bloody mad, not just Barbados! But as for me, I am so happy that my mother took me away from fool’s “heaven” to fool’s paradise!
No heating bill! No cooling bill!
No bloody white man in my face!
Bushman…hope a copy of those documents fall into your lap eventually…it is a must read.
People need to get a good look at what actually transpires behind the scenes while they suck up to and put corrupt, scheming conniving lying colonial politicians on pedestals…and even after knowing that, repeatedly vote these frauds in to commit the same crimes on repeat.
Browne squeaked by with a one seat win. The people of Antigua are livid. His 4 years will be hell on earth for him….careful what ya wish for…lol
Living like clueless zombies generationally must be tiring…wont hold my breath that the brainless will ever get it.
Ah wonder what “#vindicated” got to say, his 2 cents of takataka worth should be heard, now sumbody opened the fowl run door and loosed the fowls on the blog again to post the same useless undereducated shite….that no one missed…
Indeed, madness walks everywhere.
I have always been fearful of having any money in the Caribbean. Not because I have any, but because I do not want my few pennies to disappear. Having reached this age, with little desire to work and probably little chance of employment, recovery would be next to impossible.
Now, this fear is also present for financial organizations in the US.
We see youngsters being promoted as “wizards” and a few week later we learn that they are running a scam and billions of dollars are gone. We see sound and established organization being fined because of dubious and repeated dishonest practices. Now, even in the age of Google, politicians are lying about their origin, financial status, education, work experience and are still getting elected.
Nothing make sense any more. You cannot believe anyone or anything. “there is no truth; there is only perception”.
Side note:
I am missing “The A guy” and “The A girl”… In this mad world, it would not surprise me to hear of “The A team”.
@WW&C
Livid my RH. This is just the political pendulum swinging back, as voters appreciate Brown is just as useless as those who came before. One seat in a 2 party system is a majority. The only issue is one crossing member and there is a stalemate.
I see the TB pun strike.
“Nothing make sense any more. You cannot believe anyone or anything. “there is no truth; there is only.”
If ya think it’s bad now wait until everything unreels and hits the fan full frontal…then ya will see who is what.
The conscious minded and Afrikan centred understand they have to move extremely far away from the orbits of colonial politicians, the white world helpers….slaves with fake titles…
…that’s the only hope of survival for Africans.
Heard transport board gone on strike…no school.
Angela must be laughing.
@SO
Not a squeak about the Bolt fiasco?
Have you tied your Barbados resources to a slat under your bed.
Your thoughts on having money managed in the Caribbean would be welcome.
“This is just the political pendulum swinging back, as voters appreciate Brown is just as useless as those who came before.”
As it’s now swinging across the region….Southern…the people are finally up.
The jig is also up….who want to be the good little slaves admired by massa who now have no further use fuh dem…dats on dem. They better find the crucial information they need asap…or not.
Nothing make sense any more. You cannot believe anyone or anything. “there is no truth; there is only perception”.
Wrong ❌
I Am Truth
Truth is my identity
Truth is universal
Truth is out there
Truth lives forever
Truth can never die
If you want to be like me too
you should chant this mantra
{but don’t worry yourself ..
just busting your chops
{doing a “The 0” on TheO}}
Top Tip for the Day
If you always speak truth
you will learn to automatically recognise lies by instinct and gut feel
Truth has a vibration and you know when something is indisputable truth
“#vindicated” please fowlsplain..
.this is an easy one. The others are not but ya int gine catch me posting that..the stench is already high enuff…and i need my energy for more positive things.
“The Conspiracy to transport the $4 Billion was enshrined around a Politically Motivated PR Event of introducing a National Airline – Antigua Airways – to the people of Antigua and Barbuda with a further fraudulently conceived and marketed plan to attract innocent African Nationals to the Caribbean under the guise of supporting the recently signed – Africa / Caribbean Investment initiative put in place by the Prime Minister of Barbados.”
Theo
35 years ago I was involved in a shake up that rocked Bay St in Canada, a teefing broker. 15 yrs ago I was one of a few who initiated action against CIBC for mgmt fees in their mutual funds.
The moral is, get monthly statements and check them. Question anything you don’t understand.
Mr.Bolt plunks down all this money, and doesn’t check. One day he wakes up and it’s gone?
Sadly this shit happens, but nobody was watching. It rarely happens in one fell swoop. The employees learn what they can get away with.
The management at many of these brokerages is woefully inadequate.
What if Bolt dealt with a broker or financial advisor who placed his money where? It is noteworthy two former CEOs have expressed ignorance about Bolt being an investor at SSL.
Why should CEOs know the individual clients?
Whether an outside advisor to Bolt placed the funds with SSL or Bolt dealt directly with SSL, the insinuation thus far is the $$$ disappeared at SSLs end, not an intermediary.
And given the sum, one might expect it was invested in more than one equity, mutual fund, ETF etc. For it to all vanish, means more than a single investment category collapsed. This usually points to teefing.
Many moons ago, a fellow called Molony stole $10+M from CIBC. An inveterate gambler (they made a movie Owning Mahony) he stole to gamble. The client he was using to back his fictitious loans was Sherry Brydson. She was unknown then, as she is today, despite being named Canada’s wealthiest person.
Like her, Bolt’s money could have been in a corporation. Lightening Investments itself is meaningless?
@SO
It is Usain Bolt?
Unfortunately perpetrating fraud is a human condition. It happens everyday whether in the Caribbean, USA or the UK. Some here would make out that it is a unique occurrence in the Caribbean.
Here is an active investigation at NCB.
“Unfortunately perpetrating fraud is a human condition. It happens everyday whether in the Caribbean, USA or the UK. Some here would make out that it is a unique occurrence in the Caribbean.”
There have been cases of (multi-millionaire) football players being robbed by bank workers in UK.
I’m not sure what Caribbean Financial IT systems are like, but fraud could well be committed by a team of crooks authorizing fake transactions for money or cash holdings or account statements etc.
No one checks customer balances in banks and onus is on customers to check it themselves.
@Bush Tea
You read the following?
Roadworks stand
Govt officials defend highway repairs over other roads
GOVERNMENT OFFICIALS are defending the move to repair a section of the ABC Highway before other roads that the public see as priorities.
They say a scientific and hierarchical approach is being used to determine which roads are dealt with first, and that the decisions are not political.
This was revealed during a wide-ranging press conference held at the Barbados Water Authority headquarters in the Pine, St Michael, yesterday involving Minister of Transport, Works and Water Resources Santia Bradshaw, her Permanent Secretary Mark Cummins, Chief Technical Officer (CTO) Cheryl Bennett-Inniss, Deputy CTO Philip Tudor, senior technical officer Richard Austin, and project manager Dave Scantlebury.
Late last year, some motorists, especially on social media, questioned why the road from the Clyde Walcott Roundabout to the Norman Niles Roundabout on the ABC Highway was being milled and paved, while other roads across the length and breadth of Barbados were in far worse condition.
However, Bennett-Inniss said the highway, as the most frequently used in the country, will continue to be a top priority.
“There are other highways that are up there as well – the Mighty Grynner Highway, Charles Duncan
O’neal Highway. . . . However, [ABC] is our premium highway. It sees the most traffic [in comparison to] any of our roads on any day.
“Every road in Barbados is important to us because it gives you access to your homes, schools, work and recreational places, but with the limited funds that we have, you have to put them in order of priority and that is based on how they are used and by how many people. That gives you a better understanding of the value of the road,” she explained.
Rehab work
Scantlebury said the rehab work on the ABC Highway cost between $2 million and $2.5 million, and Bennett-Inniss stressed that had they taken any longer, it would cost more and the deterioration could have become worse.
“I can close my eyes and tell you the ABC Highway will always be at the top of our list to get attention when it is needed,” she said.
“So for those that think it was unnecessary to do what we are doing today, it was four or five years in the making to get it done, and if we did not act now, the cost of doing it would be three to four times more.”
She added: “When you observe it with your naked eye, you may not see what was happening, but when we started doing that work, we realised there were things happening underneath the surface that definitely spoke to getting it done.”
Bradshaw said previous road repairs may have been based on who was the Member of Parliament for the constituency, but not now.
“I think it’s fair to say that there was a time when decision-making regarding roads may not have been done using technology, but rather it was based on who represented a particular area,” the Deputy Prime Minister said.
Scantlebury said a road software package, HDM-4, was used to help them prioritise road repairs, based on economic criteria.
When asked how many other critical roads were on their radar, Tudor identified about 135.
He said 60 will be dealt with under the US$50 million CAF Development Bank of Latin America project while the other 75 (and 12 bridges) will be part of the $230 million Chinese-funded COMPLANT project under way in the Scotland District.
Tudor said that around April/May, they are hoping to start work along Highway 7 – from the Independence Arch in Bridgetown to the bottom of Rendezvous Hill, Christ Church], followed by the resumption of Highway 1, from Sea View Road to St Alban’s, St James.
(TG)
Source: Nation
Jamaica calling in FBI
KINGSTON – The Jamaica government yesterday announced that the United States’ Federal Bureau of Investigation (FBI) will assist local authorities in the investigation of the alleged multimillion-dollar fraud at investment firm, Stocks and Securities Limited (SSL).
“No stone will be left unturned,” Finance Minister Dr Nigel Clarke told a
news conference as he delivered a special policy address on regulation of the financial sector in response to the scandal that has rocked the nation.
Last week, Prime Minister Andrew Holness said no effort will be spared in uncovering the full extent of the fraud at the SSL, whose clients included including eight-time Olympic champion Usain Bolt. (CMC)
The souls of her buildings and the eyes of her bridges
See the cracks in the trestles and electrical grids
Connected by the alleys and the dirt country roads
And the highways that I ride from the coast to the coast
Collections and policies like ragdogs follow me
Snapping at my heels
Am I still the one for you?
Sometimes being greedy makes you broke
Sometimes being hasty makes you waste
Sometimes feasting makes you choke
Hey, what′s that I thought I heard you say?
Sometimes being armed will make you safe
Sometimes your arms, they hold me close
Am I still the one for you?
Well your rust belt’s dusty and the dust bowl′s forgotten
And the meat is turning and the crops are rotten
Your seaboard’s battered and the borders are shuttered
Good people scattered like criminals
Collections and policies like ragdogs follow me
Snapping at our heels
Am I still the one for you?
Sometimes being greedy makes you broke
Sometimes being hasty makes you waste
Sometimes a feast will make you choke
Hey, what’s that I thought I heard you say?
Sometimes being racist makes you safe
Sometimes lonely makes me smoke
Am I still the one for you?
Well hang from the ropes and ring all the bells
And open the jails and empty the cells
Flood the streets with streams of whiskey
Let′s party like hell
We were doomed from the start
What′s holding us together babe is tearing me apart but
You’re the only one for me.
Sometimes being charming makes me sick
Sometimes being hasty makes me waste
Sometimes baby we don′t click
Hey what’s that I thought I heard you say?
Sometimes being racist makes you safe
Sometimes I scratch my head and walk away
Am I still the one for you?
Am I still the one for you?
Buy the third world drinks, let the first world thirst
Make the first world last and the third world first
Let the third world feast let the first world fast
Make the third world first, and make it last, yeah
Sometimes being greedy makes you broke
Sometimes being hasty makes you waste
Sometimes feasting makes you choke
Hey, what′s that I thought I heard you say?
Sometimes being armed will make you safe
Sometimes your arms push me away
Am I still the one for you?
Am I still the one for you?
Am I still the one for you?
Headlights are glowing in the broad daylight
Cars come and go in the middle of the night
The empty graves and the scattered ashes
And the sacred garments for funeral bashes
People lined up around the block
Tears keep flowing, ain’t ever gonna stop
You′re the only one for me.
Tell me, mama
Tell me about God and money
I really gotta know
What happened to your soul
Tell me, mama
Tell me should I leave here running
And never look your way again?
I’m alright now, it’s cool
I’m alright now with you
Living your good life
Tell me mama
Tell me about sex and dying
I really gotta know
Did you ever open up and flow?
Tell me, mama
Tell me is it worth your trying
To make a mark and save your soul?
I’m alright now, it’s cool
I’m alright now with you
Living your good life
Sometimes I get a little
Lost and lonely
I really can’t go on
Always drunk on enemies
Do the darkest dance
And puke upon your memory
And trample on your evil ways
Stand up to your darkest days
Twist around the things you say
Stomp upon your gazing face
Spit into your fading gaze
Trample on your yesterdays
But never your tomorrows
Never your tomorrows
Never your tomorrows
I’m alright now with you
I’m alright now, it’s cool
I’m alright now with you
Living your good life
Living your good life
Living your good life
Living your good life
Tell me, mama
Tell me about God and money
Tell me, mama
Tell me about God and money
Tell me, mama
Tell me about God and money
Tell me, mama
Tell me about God and money
Former FBI Agent Will Rattigan talking about SSL $ Billion fraud saga and JCF wrong approach.
David
It could be the King of Spain, if the money is within say St.Leo Holdings LLC, who knows the beneficial owner?
An employee notes a stash of dormant money and begins the fraud. Many are quite elaborate, they move the money around to determine who is watching.
@SO
Fair enough, therefore the news story about the CEO’s ignorance is moot?
Bushman…those documents on the 4 billion dollar heist, Antigua connection, are now everywhere. Including on the continent of Africa…with details.
If you have not seen it yet…you soon will. Check out the Whatsapp.. 789 Walk for Freedom for location.
Having his money going on walkabout could free Usain from the burden of him wealth and put him towards a more spiritual path in life.
In the statement, Jean-Ann Panton lists almost 40 clients who were fleeced and details her reasons for stealing the funds.
Giving her reasons for the fraud, she explained that around 2010, her father was diagnosed with cancer and she was “primarily responsible for her parent’s care and finances”.
http://radiojamaicanewsonline.com/local/former-ssl-employee-supposedly-details-intricate-fraud-scheme
‘Having his money going on walkabout could free Usain from the burden of him wealth and put him towards a more spiritual path in life.”
🙂 🙂 🙂
If you need freeing up, I am here
One of the problem with the SSL story is that there is no clarity on the amount of money that was taken. There was a confession but no mention of Usain Bolt’s funds. The various totals mentioned in the newspaper are less than what was taken from Bolt.
Should those with money and having accounts in Barbados (or any other island) be concerned? Keep in mind that the similar or more sophisticated thievery is going on in the US.
There is no clarity because the matter is under investigation.
Should those with money and having accounts in Barbados (or any other island) be concerned? Keep in mind that the similar or more sophisticated thievery is going on in the US.
Xxxxxxxxx
1000 PERCENT.
IF THEY ARE NOT CHECKING THEY ARE FOOLS.
I have already taken the first steps on the spiritual path of enlightenment towards infinity ♾️
Here is a good practice for the The O to follow for a 40 days Sadhana
Instructions:
https://www.satkirin.com/kauri-kriya-workshop-home/kauri-kriya-course-cd-bundle/
Kauri Kriya #2:
Individuals saving in any institution any where should always manage risk. We see financial institutions failing anywhere.
Touché @David. This story has much interest because 1) A Super Star personality is involved and 2) It’s Jamaica…
Not minimizing the issue surely but unfortunately stories of financial hanky-panky are as wide-spread and happen as often as … well multiple shootings in the US. One almost becomes numb from story to repetitive story.
Sooo… to your point as the Romans determined eons ago and is a STAPLE in business matters: ‘caveat emptor’!
Oh, nowadays a related piece of Latin wisdom should also be popular and clear: ‘caveat lector’ – let the reader beware!
My only regret i have right now is that i could not drop some fowls, imps, pimps and Slaves in this Antigua brouhaha too…the whole cast of ignorant…they love corruption and the deceitful conniving corrupt…they deserve to stand on the burning bridge and guh down, guh down with it.
But tek time barney…all the corrupt know is corruption…so opportunity will always knock.
What happened to Mr Bolt is sad for sure. The truth is though he is not the first or the last that will fall victim to such and the reason is lack of transparency with trades and the inabilty to confirm claimed assets held by these entities.
It is extremely difficult to substantiate trades when they are made, or to confirm where the claimed return has come from with these institutions. Yes they are audited, but the auditors go on what is presented to them. Look at how many decades Madox was able to operate before he was caught! So if in the USA this occurs what do you think will occur in the Caribbean where oversight is weaker? Also whose job is it to make sure our investments are safe? Is it the investors or the state?
The problem here is way bigger and more complex than we want to accept. It will not go away tomorrow either, so all we can do is diversify our investment base and not put all our eggs in one basket.
That leaves one to ask what really is a safe investment today?
The moral is, get monthly statements and check them. Question anything you don’t understand.
Mr.Bolt plunks down all this money, and doesn’t check. One day he wakes up and it’s gone?
Xxxxxxx
RESEARCH FACT BEFORE COMMENTING.
BOLT AND HIS MANAGEMENT TEAM RECEIVED A MONTHLY STATEMENT IN NOVEMBER 2022 SHOWING OVER US12.7 MILLION IN HIS INVESTMENT ACCOUNT.
DECEMBER 2022 BOLT AND HIS MANAGEMENT TEAM RECEIVED A MONTHLY STATEMENT SHOWING US$12,000 BALANCE IN SAME ACCOUNT.
WHEN THE ALARM WAS RAISED FROM BOLT AND HIS MANAGEMENT TEAM
Maddox supplied fraudulent monthly statements for over 20 years to his clients.
THE PLOT THICKENS.
NO WONDER ANDREW HOLYNESS PRIME MINISTER GOT MULTIMILLIONS $$$ UNAUTHORISED ‘LOAN’ FROM SSL TO BUILD HIS MANSION IN BEVERLY HILLS JAMAICA.
TAXPAYERS BILLIONS FUNNELLED TO SAME FRAUD COMPANY.
BANANA REPUBLIC.
@John A
Some believe that non compliance by a company means it is corrupt. What does is say about the regulators? No investment is guaranteed. Those with money must manage the risks based on the analysis of what is known/published. The old people had a saying- don’t put all of your eggs in one basket. We feel for Bolt and the others but the risk of managing is a universal one.
BAjE
You are 100% correct. I am low on data, and did not watch nor read much of the information available.
A fresh theft should be easy to find? For they were checking.
Personally I’m not investing a RH cent in any of the islands. But teefing occurs all ovah.
The scam was used to target the elderly.
https://www.theguardian.com/sport/2023/jan/24/usain-bolt-fraud-case-fbi-jamaica
@TLSN
Where in the link you posted there is suggestion the fraud was targeted at the elderly?
The Book of Bu needs to be rigorously fact checked for misinformation
“That leaves one to ask what really is a safe investment today?”
Steve Martin provides some sound advice for investing in stock market. (If you don’t have money you won’t get the panties).
There are many youtube ads on how to get rich schemes scams
The blogmaster invites you to join the discussion.