Victims of the alleged multibillion-dollar fraud at Shares and Securities Restricted (SSL) will start receiving partial payouts subsequent month, greater than two years after information of the scheme devastated purchasers, together with Jamaican dash legend Usain Bolt.
In an official discover dated April 3, 2025, trustee Caydion Campbell introduced the launch of the SSL Victims Compensation Fund, geared toward facilitating payouts to these affected by the alleged fraudulent actions. Purchasers are required to submit proof of claims by April 30, 2025.
“We’re searching for to make a partial distribution to those purchasers in Could 2025 and invite all affected purchasers, who haven’t but performed so, to submit their POCs [proof of claims],” Campbell’s discover acknowledged. “Your submission ought to embody any supporting documentation or different types of proof to substantiate precise losses suffered because of the alleged fraudulent actions.”
The event marks a big step within the ongoing court-supervised closure of SSL, certainly one of Jamaica’s largest-ever funding frauds, with over US$30 million (roughly J$5 billion) reportedly siphoned from greater than 200 accounts.
The fraud was first delivered to gentle in 2023, with Usain Bolt among the many high-profile victims. In February, Bolt expressed frustration with the federal government’s dealing with of the investigations, hinting that he might not recuperate any of his funds with out additional public strain.
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“Clearly, it appears like if me no apply some strain or do one thing or begin make complete heap o’ questions being requested, me nah go get again nutten,” Bolt mentioned in an look on the podcast The Repair. A government-appointed non permanent supervisor confirmed that Bolt’s firm, Welljen, suffered a lack of US$6.2 million (roughly J$950 million) because of the fraud.
On the heart of the legal investigation is Jean Ann Panton, the previous consumer relations supervisor at SSL, who has been charged with orchestrating the fraud. Panton faces a 22-count indictment, together with costs of forgery, larceny as a servant, and fascinating in transactions involving legal property. She is about to face trial in Could 2026 however has recanted a earlier confession and denied any involvement within the crime.
Public curiosity within the case stays excessive, with many people searching for redress for his or her monetary losses. Amongst these talking out is former Jamaican Prime Minister PJ Patterson, who just lately warned the Monetary Companies Fee (FSC) to arrange a “top-class authorized staff” to defend in opposition to potential lawsuits from SSL traders. Patterson additionally questioned whether or not the FSC had failed in its obligation to stop the fraud, suggesting that the company might be uncovered to civil motion for its position within the scandal.
The SSL fraud case continues to unfold, and because the compensation course of strikes ahead, purchasers are hopeful that they’ll see additional restitution for his or her losses.
