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The Usain Bolt / SSL Fraud Saga
March 2nd. 2023
Part 10)
SSL's Founder 'Hugh Croskery' Says He Resign | But Legal Eagles Don't Think That is a legally viable option.
"It's a bizarre suggestion or technical-legal-antics, in the middle of a criminal investigation".
Entertainment
The Convoluted and Confusing Books Of SSL, Even The Best Accounting-Auditors are Confused
By: digitalCaribbean.LIVE | March 14th. 2023
Part 11)
One of the primary functions of all financial institutions is to keep a running-ledger of how much money is in an account, where it came from and where it goes.
It is the fiduciary responsibility of being granted the privilege to be a financial institution.
Also know-as the basic arithmetic of
1) amount deposited
2) interests
3) fees
4) amount withdrawn
The latest development in the SSL-Fraud/Theft Saga, is that on March 7th. Finance minister Dr. Nigel Clarke signed an agreement with U.K based financial auditing firm 'Kroll Associates' to bolster the investigation.
The move is seen as an effort to track down how over $3-billion Jamaican dollars ( $18-million USD) was stolen from the accounts of SSL
clients over a span of more than 10 years, and was mysteriously (mys·te·ri·ous·ly) undetected.
Meanwhile (mid-level-employee) 'Jean Ann Panton' who lived a modest lifestyle in an apartment complex in Kingston, Jamaica; remains in prison as the only person held for the theft of over $3-Billion JD.
Dr. Clarke told the media in Jamaica that,
“Kroll will bring to the table technology and expertise that will enable the investigators to unravel every aspect of this fraud,” Dr Clarke said in a short ceremony at his office in Kingston.
He pointed out that Kroll Associates is “a subsidiary of Kroll International, a firm known for their forensic auditing experience and expertise”. . .
to be continued in part 12
By: digitalCaribbean.LIVE | March 2nd. 2023
Part 10)
SSL's Founder 'Hugh Croskery' Says He Resign | But Legal Eagles Don't Think That's Legally Viable.
"It's a bizarre suggestion or technical-legal-antics, in the middle of Jamaica's Largest Financial Fraud Criminal Investigation".
The latest information out of Jamaica about the SSL Fraud/Theft Saga is that the founder of SSL ‘Hugh Croskery’ has resigned. That development is perplexing to the authorities; and is viewed by some as ‘legal-technical-antics’.
Because, from the moment that the Financial Services Commission of Jamaica (FSC) took over SSL, because of the Fraud-Theft Criminal Investigation, the directors and chairman were no longer relevant to the function of the company. But they could be arrested or interrogated as defendants or witnesses, in the investigation of the theft of $18 million-USD dollar.
A resignation conjures up the thought that the individual was hired by, and was being paid by another person. It also conjures up the notion that the individual, was, at the time of resignation, a functioning entity that would cease to perform certain duties.
Legal eagles have chuckled that it is as if !, an Art-painter or carpenter is attempting to divorce himself from his painting or from a house he built.
. . . . to be continued in part 11
By: digitalCaribbean.LIVE | February 25th. 2023
Part 9)
Mid-Level-Manager Remains In Detention 'As Only Person Culpable' For 10year $18 Million USD Fraud & Theft
In the latest development in the SSL Fraud / Theft Saga in Jamaica. Jean Ann Panton remains in custody and a judge has denied an application for bail that was made by her attorney Sylvester Hemmings.
Hemmings appeared via video-link, and told Justice Lorna Shelly-Williams that he is representing the entire Panton Family, and ‘Jean Ann Panton’.
In the past few weeks the authorities in Jamaica have demanded that ‘Jean Ann Panton’ submit an inventory of all her assets; and by effect the assets of Ms. Panton are probably interlaced with other members of her family.
The Jamaica Gleaner reported that Attorney Sylvester Hemmings was watching the proceedings on behalf of Panton’s family, Hemmings told Justice Lorna Shelly-Williams that he technically represented ‘Jean Ann Panton’ after an earlier bail application by attorney Tameka Harris was denied.
In their application for bail, the attorney’s representing ‘Jean Ann Panton’ had presented statements and documents concerning the health of the accused and that she suffers from diabetes, hypertension and other non-communicable ailments that impedes her walking and basic hygiene activity.
On Friday February, 24th, Justice Lorna Shelly-Williams denied the bail request and ‘Jean Ann Panton’ will remain in the prison until her next hearing date of April 19th..
After Justice Lorna Shelly-Williams denied the application for bail, Hemmings made a request for the accused to be placed in a half-way-house or house-arrest. That request was also denied.
The SSL Fraud and Theft occurred over the past 10 years, whereas!, withdrawals from clients accounts of over $18 million U.S dollars ( equivalent to 3 billion Jamaican Dollars) were stolen from accounts at the wealth-Management Firm of ‘Stocks and Securities Limited’, Jamaica’s second largest wealth-management company. Jean Ann Panton was a client-relationship manager with SSL for 10+ years.
in related news, on Friday February 24th. The Jamaica Stock Exchange (JSE) advised that ‘Stocks and Securities Limited (SSL) were no longer permitted to trade on the JSE.
But some observers consider that action to be less than a slap on the wrist for the managing directors of SSL, since they would have moved their operation to a different company with a new name, so as to avoid scrutiny.
The Jamaica Stock Exchange, said that ‘effective immediately it has terminated its member dealers agreement with SSL.
If Ms. Jean Ann Panton is viewed as the sole perpetrator of Jamaica’s largest financial fraud and theft she would have had to do the following in the past 10 years while working as a client-services-manager at SSL.
She would have had to create fake emails for withdrawls for at least 40 clients account.
She would have had to edit the account- statements sent to at least 40 clients of SSL.
She would have had to somehow edit the information provided by the bank that held the actual monies for SSL clients, and hope that her fraud would not have been detected by regular audits; for 10+ years.
And, in the case of the account of Usain Bolt, at lease $1.3 million U.S dollars were stolen from his account in 2017.
continue to part 10
By: digitalCaribbean.LIVE | February 20th. 2023
The SSL Fraud-Theft Saga Continues (part 8)
The wheels of justice are turning very slowly for the victims of Jamaica’s largest fraud and theft of over $15million U.S dollars, of which $12.7million US$ was stolen from an account belonging to Olympic-world-record-sprinter ‘Usain Bolt’.
The latest word about the legal efforts to return the stolen monies to the defrauded clients of SSL is not making any of them happy. Many are wondering how can a lowly-mid-level-manager steal millions (billion in Jamaican dollars) from a financial institution for over 10 years, and all the usual audits, accounting and reporting that normally happens at all financial institutions: the theft wasn’t detected.
On Wednesday February 15th., the former lo-level ‘client-relationship-manager’ Jean Ann Panton was detained by police until her next court date of Friday, February 24th.
The courts also granted an injunction to freeze all the assets of ‘Ms. Jean Ann Panton’ and ordered that a disclosure of all her assets must be reported to the courts.
Additionally, the supreme court in Jamaica also extended the injunction against the directors of SSL. (which was set to expire on February 17th.) That injunction prohibits SSL founder Hugh Croskery and former company directors Laurence Adamson and Peter Knibb from liquidating any assets of the company or winding-up the company.
to be continued . . . . in part 9
By: digitalCaribbean.LIVE | February 12th. 2023
Jamaica's FSC - Legal Eagles Try To Untangle 'Who Owns What' At SSL - A Convoluted Tangled Web
In January of 2023 the FSC (Financial Services Commission of Jamaica) got an injunction against the directors of SSL which prohibited them form ‘winding up’ the company; that injunction will expire on February 17th., and all the legal eagles in Jamaica are wanting to see what happens next.
Will the courts grant an extension to the injunction or issue a new one, or will the current injunction be allowed to expire, which, IF THE LATER HAPPENS, would effectively allow the directors of SSL to do more with the current assets of SSL, which at first glance are meager and or interlaced in a complex web of ownership.
On February 2nd. Jamaica’s Minister of Finance Dr. Nigel Clarke’ posted on his Twitter page: proof that the directors of SSL were attempting to ‘wind-up’ the company; and thus the FSC got the injunction prohibiting the directors of SSL from selling or transferring assets and winding-up the company.
Minister of Finance Says the Directors Did Attempt To Dissolve SSL
Which brings to mind the idea that, since the assets of SSL would have to be liquidated in order to repay the victims of Jamaica’s largest financial thief, what are the assets of SSL ? and who owns them.
The first logical asset of SSL would be its ‘Real Property’ such as its main office building.
Well!, get ready for many big surprises in the SSL Fraud Saga, and who owns what!.
The ‘Jamaica Observer’ reported that the main office building that SSL occupies is owned by a Saint Lucia based company known as ‘St Lucian International Business Company (IBC) and which was formerly known as Darjina Capital Limited’.
The Jamaica Observer also reported that SSL owns 29,134,517 shares of Everything Fresh Limited (EFRESH) (an importer of produce and high-quality food items and consumables for the Jamaican market ).
SSL also reportedly owns 22,689,783 shares of FosRich Company Limited.
The data above is based on reports dated at the end of 2022, and it is unknown if those assets are still legally owned by SSL.
But most noteworthy is that in December of 2022 a director of Everything Fresh Limited, which is traded on the JSE (Jamaica Stock Exchange) sold 488,000 shares and someone else, who purchased 488,000 shares.
So, with the current exchange rate of approximately $154 Jamaican dollars to $1.00 US Dollar, if the price per share of Everything Fresh Limited was hypothetically valued at $154 Jamaican dollars then a trade of 488,000 shares would equivalent to about $488,000 US dollars.
We are trusting that you will do your own research on the JSE to see the listed price of Everything Fresh Limited. (EFRESH) and at today’s exchange rate $1-Billion JA$ is equivalent to $6.5million USD, less than half of what was stolen from Usain Bolt’s account.
to be continued. . . . in part 8
The Juicy Details About The 'Usain Bolt / SSL Fraud Saga' Continues & Unraveling Like Wild Fire
By: digitalCaribbean.LIVE | January 31st. 2022
updated: February 1st. 8.14pm
As the Usain Bolt / SSL Fraud Saga continues to unravel, it is becoming clearer that unauthorized cash withdraws from his account with the wealth management firm ‘Stocks and Securities Limited (SSL) began happening a few months after he opened the account early 2012, and under the business name Welljen Limited.
This week the attorney representing Usain Bolt made it absolutely clear that the account that Usain Bolt had setup with SSL in 2012 was a pension account, that the Olympian Sprinter opened with SSL to save money for his retirement, and he did not make a single withdraw from the account, ‘his attorney ‘Gordon P Lipton’ told the Jamaica Observer on Sunday January 29th.
The sequence of events paints a picture which indicates that someone at SSL was using the Usain Bolt account as if it were their account or to fund their business,
For more than 10-years his account was used as the company’s working capital, and the ‘Account Statements’ that Bolt was sent or given were untrue.
A few months after the account was opened by Usain Bolt, withdrawals began happening, and large sums of money’s were being withdrawn in various currencies. ( Jamaican dollars, U.S Dollars and British Pounds ).
Those foreign currency payouts should cause the investigating financial-technocrats to ponder; why the cash payouts were requested in foreign currencies and not Jamaican dollars.
The street is saying that those foreign currency payouts would certainly give the illusion that Welljen Ltd. (Usain Bolt’s company) had authorized the payouts from the account, but that technique simply facilitated the moving of the money out of Jamaica,
Meaning, a bank in Jamaica would issue a payment instrument that was in U.S dollars or British Pounds, after the equivalent was automatically withdrawn from Usain Bolt’s account in Jamaican dollars.
The first withdrawal happened on December 18th. 2012 and was for $153,000.00 US-dollars.
The following is a list of withdraws and the dates they occurred.
In 2017 there were 15 separate withdrawals from his account that totaled more than $1.1-million U.S dollars.
The ‘Short List’ Of Theft From Bolt’s Account in 2017
On March 9th. 2017 – $86,103,00 USD
On April 5th. 2017 – $86,231,00 USD
On April 13th. 2017 – $66,589,00 USD
On June 19th. 2017 – $101,089.00 USD
On August 11th. 2017 – $82,486.00 USD
to be continued: . . . .
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