SSL Pays Out Approximately JM $626 Million to Over 200 Clients
Stocks and Securities Limited (SSL) has disclosed that it has disbursed approximately JM $626 million to more than 200 clients and transferred around JM $14.5 billion worth of local securities to agents designated by its customers.
This follows its involvement in a multi-billion-dollar fraud investigation affecting over 200 accounts, with only one individual, former wealth advisor Jean Ann Panton, facing charges thus far.
In an update to its customers, SSL mentioned that the temporary manager of Business Recovery Service Limited (BRSL), in collaboration with the Financial Services Commission (FSC), is overseeing SSL’s operations.
The entities are focused on protecting existing accounts, aiding ongoing investigations, locating and securing company assets, and gradually transferring client assets to chosen brokers and financial institutions.
Client assets are divided into four categories: cash, local securities, overseas securities, and promissory notes issued by SSL-related entities.
The company is currently in Phase 1, which involves addressing cash and local securities.
Significant progress has been made, with over one thousand client accounts holding approximately JM $14.5 billion in local securities already transferred as of February 16, 2024.
Furthermore, approximately JM $626 million in cash has been disbursed to over 200 clients, with ongoing processing of cash transfer requests.
Moving forward, Phase 2 will focus on clients who possess overseas securities with SSL, with plans to liquidate the international portfolio and remit funds directly to clients once the reconciliation process is finalized.
The final phase will address promissory notes, with actions concerning related party promissory notes subject to the financial status of the SSL group.
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