Dear Editor,

Jamaicans should be concerned about the investigation of the massive fraud which occurred at Stocks and Securities Limited (SSL).

Over 200 investors lost funds, including global sport legend and icon Usain Bolt. Anyone could’ve been a victim of this fraud, regardless of wealth or status. And this is a financially regulated institution, one that was audited. It speaks volumes about the state of the country and quality of governance and management. Imagine the first signs of irregularities occurred nearly 12 years ago, yet the alarm bells didn’t go off loud enough.

Why was SSL allowed to continue operating with massive debt and questionable practices, putting unsuspecting investors at severe risk? Who or what was being protected? This type of fraud could happen to anyone. Even in commercial banks there are reports of fraud, although those investigations seem to move much quicker, leading to arrests and restitution.

SSL is a high-profile investment company in which even the prime minister had investments, but the public has been left in the dark. Initially we heard that the Federal Bureau of Investigation and British investigators were assisting, now we’re not sure. Only one person has been arrested to date. No one knows if assets owned by SSL will be recovered as realisable assets are reportedly a mere 20 per cent of liabilities, which is no consolation to investors.

I’ve heard some argue that the Government has no involvement in the SSL matter. Are they suggesting that the Government isn’t responsible for creating a safe environment to prevent crime and prosecute criminals? If the Government isn’t involved, why do they bother to regulate? The fraud speaks to lack of proper controls and management as well as ineffective regulations and consequences. All investments carry risks, it is the climate which sets the tone and allows economies to grow and thrive.

There is public outrage over what seems like a lack of urgency, transparency, and accountability amid the ongoing two-year investigation. This is not a political issue, but a national one. Bolt and others could’ve taken their money offshore, but instead they chose Jamaica. Those attempting to victim-shame Bolt are too naive to see the bigger issue: today it is Bolt (and others), tomorrow it could be anyone, and the real issue is about holding those responsible accountable, regardless of status.

Bolt has given so much to Jamaica and has exercised much restraint and diplomacy about the matter; the shamers, like firebrand Councillor Venesha Phillips who tweeted a message asking if the Government advised him to invest in SSL, shows how naive and careless many are. They are wrong if they think gaslighting is the answer. Did they expect him to remain silent forever? Bolt has global influence, his love for Jamaica comes first. Many with a tiny fraction of his wealth would not even be living in Jamaica, much less investing here.

Yet some are blaming him for investing in SSL, the second-oldest brokerage company in Jamaica, incorporated as far back as 1973 and “focused on money management and creating financial security”, according to its profile.

Jamaicans should be alarmed by this massive fraud and what it really means for them. We might think this is rich people’s problems, but it really isn’t. It is about governance, regulations, controls with accountability, and consequences. Technology is advanced enough to improve checks and balances as well as minimise risks of criminality and corruption, which affects perception and investor confidence, and cause economies to contract.

P Chin

chin_p@yahoo.com