Key evidence still outstanding in SSL fraud case – DPP
Published:Sunday | January 26, 2025 | 12:12 AMJovan Johnson - Senior Staff Reporter
Two years after the multibillion-dollar fraud at Stocks & Securities Limited (SSL) came to light, a critical piece of evidence remains outstanding, which the Office of the Director of Public Prosecutions (ODPP) says is hindering its ability to complete its review and issue a ruling.
DPP Paula Llewellyn confirmed in a Sunday Gleaner interview that despite significant progress in analysing the case file, one crucial element is still missing from the Financial Investigations Division (FID), preventing prosecutors from being “best informed” to make a decision.
“Just yesterday, I got sight of a letter, a response from FID to about 10 to 12 items that we had requested in writing. Certain outstanding material has been obtained and is being transmitted to us, and there were one or two other things that they were still in the process of obtaining,” Llewellyn said last Thursday.
She emphasised the importance of the missing material, explaining that without it, the ODPP is unable to complete its assessment.
“From my information, from the team of four prosecutors dealing with the matter, unless we get one critical aspect of it, then we are not put in the best informed position to complete our consideration,” she added.
The DPP declined to state which document is missing.
“They are trying their very best with it,” she noted, adding that discussions with her financial crimes unit have been scheduled for Monday to provide further clarity.
The FID said it is working on providing the additional evidence.
Vital piece of outstanding information
“We have allocated sufficient resources to ensure that we try our best to obtain the vital piece of outstanding information. And we believe that these will be obtained,” said Keith Darien, the head of investigations at the financial crimes law enforcement entity.
He noted that the investigation has been complex and said the agency has provided “well over 90 per cent” of the requisite material.
“It is oftentimes a challenge to get the necessary evidence to complete the case file. This is so in the SSL investigation, which, as we indicated earlier, goes back over 12 years when the first sign of alleged impropriety commenced,” Darien said.
The SSL fraud case, which impacted more than 200 clients – including Jamaican sprint legend Usain Bolt, who lost US$12.7 million – has sparked widespread public outrage. The prolonged investigative and prosecutorial process has led to mounting frustration among victims and questions from the wider public.
The FID first indicated in December 2023 that it had submitted a file to the DPP’s office for a ruling. However, the DPP has insisted that there were outstanding issues affecting the assessment.
Opposition Leader Mark Golding has been among critics of the slow pace.
In October 2024, the Government urged patience as concerns grew over the pace of the investigation. Then-Finance Minister Dr Nigel Clarke acknowledged the delays but defended the thoroughness of the probe, highlighting the complexity of the case.
“The ODPP has recommended that the FID collect three further statements, the process of which has already commenced. I understand the frustration and the desire for tangible results. I share these feelings, too,” Clarke said at the time.
The fraud, which dates back to at least 2010, was uncovered in January 2023, prompting an intensive investigation by law enforcement authorities with support from international forensic auditors KROLL Associates UK.
The firm’s findings, submitted in November 2023, helped expand the scope of the probe, revealing that the fraud involved over 200 accounts and exceeded US$30 million (J$4.7 billion) – far surpassing the initial estimate of over J$2 billion affecting 40 accounts.
Llewellyn highlighted the intricacies of prosecuting financial crimes, pushing back against criticism that charges have yet to be filed against additional suspects.
“Fraud prosecutions are of such that it’s almost impossible if you decide to go on a whim or a feeling, a conjecture, a suspicion. If you go and you don’t have the material, you can’t get it again,” she explained, emphasizing that a meticulous approach is necessary to ensure a successful prosecution.
Comparing financial crimes to other criminal cases, she noted that different types of offences require different approaches. “If you have a fairly complex murder case and you pretty much have most of the material but maybe the post-mortem reports might be outstanding, you can take a chance and go with that. But it depends on the circumstances,” she said.
The DPP stressed that while public impatience is understandable, the legal process must be followed to ensure justice is served.
“It doesn’t work that way where people assume that because a simple case gets to trial quickly, a complex fraud case should follow the same timeline. Each case has to be assessed according to its own particular set of facts,” she said.
To date, Jean-Ann Panton, a former client relationship manager at SSL, is the only individual charged in connection with the fraud. She faces a 21-count indictment, including charges of forgery, larceny as a servant, and engaging in transactions involving criminal property.
Authorities have indicated that further charges are possible, but the ODPP must first receive all required evidence to proceed.
Llewellyn acknowledged the public demand for swift action but reiterated that the integrity of the prosecution must come first.
The DPP said she will be speaking with her head of unit for finance crimes on Monday “so I’ll get an even further update because it’s not just a question of getting the material but ensuring that we have enough”.
Civil cases
virtually stalled
Clients, including Bolt, have brought civil cases against SSL but those matters have virtually stalled in court.
The Government, through the Financial Services Commission, which regulates investment houses such as SSL, is fighting back for control of the entity. Last May, the Supreme Court ended its temporary management of the indebted company and handed control to a trustee who was appointed by the directors. The FSC is appealing that decision.
The trustee is pursuing the validation of claims by SSL clients and the winding up of the country’s oldest brokerage firm, under the supervision of the court.
In an October report, the trustee, Caydion Campbell, reported that the book value of the assets that he received when the temporary management arrangement ended on May 31 this year was $770 million. However, it said the realisable value of the assets was expected to range between $107 million and $254 million.
SSL’s total liabilities were estimated at $1.03 billion up to the end of May this year, the report said. It added that distributions or payments could be made to cover legal fees and transaction costs for winding up the company. However, there would be no payouts to cover statutory obligations such as taxes or clients.
A second trustee report is expected to be released this month.