Victims of the alleged multi-billion dollar fraud at Stocks & Securities Limited are being promised a partial payout, starting next month.
This comes more than two years after news of the scheme devastated clients, including sprint legend Usain Bolt through his company, Welljen.
In a notice dated April 3, 2025, trustee Caydion Campbell announced the establishment of the SSL Victims Compensation Fund, saying it is intended to facilitate payouts to those who were cheated in the alleged fraud.
Clients must submit proof of claims by April 30.
Mr Campbell is leading the court-supervised closure of the investment firm.
The update comes as clients continue to seek redress from what authorities have described as one of Jamaica's largest-ever investment frauds, involving more than US$30 million (J$5 billion), allegedly siphoned from more than 200 accounts.
In February, Bolt expressed frustration over the Government's handling of the investigations.
Other investors have said they have been financially ruined.
Attorney Linton Gordon, who represents the Olympian, says he expects to get a copy of the proposed payout later on Tuesday.
Last October, a report from the trustee revealed that there was a one million US dollar employee dishonesty insurance payout, which some clients had hoped would be used for restitution.
But, the trustee reported that the money was instead directed towards covering the costs of temporary management during a turbulent transition period.
In September 2023, then Finance Minister Dr Nigel Clarke said the insurance proceeds were used to pay SSL bills and other expenses.
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.
Submissions
The SSL trustee has also issued a reminder for submissions from clients with claims against the company's off-balance sheet portfolio.
These clients, many of whom hold local and fixed-income securities stored at the Jamaica Central Securities Depository, are not directly affected by the fraud, but must still verify and transfer their holdings.
At the centre of the criminal probe is Jean-Ann Panton, who faces a 22-count indictment for allegedly orchestrating the fraud.
Ms Panton is to stand trial in May 2026 after recanting a confession and denying any involvement.
SOURCES: Gleaner, documents
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