Jamaica’s Stocks and Securities Limited (SSL) plans to repay investors who lost around US$13 million from their accounts two years ago.
The agency, which has been in a state of crisis since the scandal broke in late 2022, has announced plans to pay out over $30 million to over 200 clients who have been waiting for over a year.
The state regulator, the Financial Services Commission (FSC), has ordered the payout to begin soon.
The commission is committed to maintaining transparency and accountability, ensuring that SSL meets its obligations to clients in a timely and transparent manner, in line with the legal and regulatory framework established by the Securities Act.
The payout comes as SSL is undergoing a court-monitored winding-up process under the control of a legal trustee.
So far, police have charged only one person with fraud. She is former SSL Client Relationship Manager Jean-Ann Panton, who is facing a 21-count indictment for forgery, larceny as a servant, and related charges.
