Subscribe Login
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
    • Home
    • News
      • Latest News
      • Cartoon
      • International News
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • #
    • Business
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup 2022
      • Olympics
      • #
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obituaries
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Elections
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
    • Home
    • News
      • Latest News
      • Cartoon
      • International News
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • #
    • Business
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup 2022
      • Olympics
      • #
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obituaries
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Elections
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
  • Home
  • News
    • International News
  • Latest
  • Business
  • Cartoon
  • Games
  • Food Awards
  • Health
  • Entertainment
    • Bookends
  • Regional
  • Sports
    • Sports
    • World Cup
    • World Champs
    • Olympics
  • All Woman
  • Career & Education
  • Environment
  • Webinars
  • More
    • Football
    • Elections
    • Letters
    • Advertorial
    • Columns
    • Editorial
    • Supplements
  • Epaper
  • Classifieds
  • Design Week
No relief for elderly SSL ‘victim’
The former home of Stocks and Securities Ltd, which has been embroiled in a multimillion-dollar fraud.
News
Carlysia Ramdeen | Observer Online Reporter  
September 7, 2025

No relief for elderly SSL ‘victim’

A 78-year-old woman is in despair after learning that she’s not among the defrauded clients of Stocks and Securities Limited (SSL) receiving payouts from a compensation fund, distribution for which began two Mondays ago.

The elderly woman, who spoke to the Jamaica Observer on condition of anonymity, said she lost her $60-million inheritance in the SSL débâcle. However, she said she was informed she would not be a beneficiary of the 4.5 per cent distribution from the SSL Victims’ Compensation Fund (VCF), which will ensure approved claimants recover a fraction of their losses at this point in time.

The reason for her exclusion, the elderly woman said, is because her funds had been placed in “junk bonds”, which are often referred to as high-yield bonds and carry higher risk, according to Investopedia.

“I put out a happy, smiling face to everybody, but I haven’t recovered…What’s going to happen to me? I know I have my kids, but…I just have this hopeless, helpless feeling because it’s all the money I had in the world,” she shared.

The woman said she inherited the money from her father’s business and, after weighing her options, chose to invest it with SSL. For about a year she received interest payments, but got a gut feeling to withdraw the money. She said her attempts to withdraw the funds were twice discouraged by the firm.

In January 2023 she woke up to news of the SSL scandal, which centres on an estimated $4.7-billion case of fraud that impacted more than 200 investors, including track icon Usain Bolt.

“I had to go to the doctor and get put on tranquillisers because it was very, very bad in the beginning. Any time it comes up it starts me up again, and I wonder why did I turn to SSL… But that is a question I can’t even answer myself,” she said.

According to the elderly woman, investigations revealed that her signature had reportedly been forged and her funds placed in “junk bond investments”, which, she said, she now understands has left her off the list of victims to benefit from the relief fund.

While acknowledging that junk bonds is not a characterisation provided by himself or, as far as he is aware, any member of the team engaged in the winding up of SSL, trustee Caydion Campbell explained to the
Sunday Observer that the VCF was established by majority vote of the attendees at the first meeting of creditors and claimants held on October 25, 2024.

“The objective of the VCF is to pay out funds recovered specifically to the victims of the fraud alleged to have been committed by former SSL employee Jean-Ann Panton,” Campbell said.

He said, too, that some of the clients who would consider themselves “SSL victims” are claimants with impaired investments, which is distinct from the specific victims of the alleged fraudulent activities of Panton.

“These claimants may have been given bad investment advice and/or their funds were invested in high-risk instruments that are not readily realisable, that is convertible to cash,” Campbell said. “These impaired investment instruments remain a part of the clients’ portfolios; however, any distribution is contingent on the actual realisation of these investments.

“These claimants with impaired investments are not entitled to a distribution from the SSL Victims’ Compensation Fund,” he added.

Campbell confirmed that, so far, approximately 47 claims have been identified as eligible for a payout.

“These represent claims for which there is strong indication of unauthorised withdrawals of actual cash from their client accounts relating to the fraudulent activities alleged to have been carried out by Ms Panton,” Campbell said.

But for claimants whose money is tied up in “impaired investments”, there is still no relief.

“Whilst efforts continue to see if there can be some realisations from these impaired investments, nothing has materialised to date. Therefore, no funds are available to make a distribution to these claimants with impaired investments,” the SSL trustee said.

Still, the elderly woman insists that more must be done to ensure accountability.

{"xml":"xml"}{"jamaica-observer":"Jamaica Observer"}
img img
0 Comments · Make a comment

ALSO ON JAMAICA OBSERVER

GraceKennedy eyes full control of Tastee Cheese producer
Business, Latest News
GraceKennedy eyes full control of Tastee Cheese producer
December 19, 2025
KINGSTON, Jamaica — GraceKennedy has agreed to buy out the shareholding of New Zealand's Fonterra Co-operative Group in Dairy Industries (Jamaica) Ltd...
{"jamaica-observer":"Jamaica Observer"}
Three family members hacked to death in Rocky Point, relative in custody
Latest News, News
Three family members hacked to death in Rocky Point, relative in custody
December 19, 2025
CLARENDON, Jamaica —Three persons were hacked to death in a reported dispute among family members in the Frazersfield area of Rocky Point in Clarendon...
{"jamaica-observer":"Jamaica Observer"}
Eastern Hanover residents welcome hurricane relief donations from BGLC
Latest News, News
Eastern Hanover residents welcome hurricane relief donations from BGLC
December 19, 2025
Residents in the eastern Hanover communities of Jericho, Retrieve, and Morris have welcomed recent hurricane relief donations of tarpaulins, tents, ma...
{"jamaica-observer":"Jamaica Observer"}
UN declares famine over in Gaza, says ‘situation remains critical’
International News, Latest News
UN declares famine over in Gaza, says ‘situation remains critical’
December 19, 2025
GAZA, Palestinian Territories (AFP) — A famine declared in Gaza in August is now over thanks to improved access for humanitarian aid, the United Natio...
{"jamaica-observer":"Jamaica Observer"}
Cornwall College, Clarendon College set up Ben Francis Cup final clash
Latest News, Sports
Cornwall College, Clarendon College set up Ben Francis Cup final clash
December 18, 2025
ST ANN, Jamaica — Cornwall College and Clarendon College, two of the most successful schoolboys' football teams in Jamaica, set up another final after...
{"jamaica-observer":"Jamaica Observer"}
TikTok signs joint venture deal to end US ban threat
International News, Latest News
TikTok signs joint venture deal to end US ban threat
December 18, 2025
WASHINGTON, United States (AFP) — TikTok said Thursday it had signed a joint venture deal with investors that would allow the company to maintain oper...
{"jamaica-observer":"Jamaica Observer"}
48-hour curfew imposed in St Andrew Central
Latest News, News
48-hour curfew imposed in St Andrew Central
December 18, 2025
KINGSTON, Jamaica – A 48-hour curfew has been imposed in the St Andrew Central Police Division.  The curfew will began at 6:00 pm, on Thursday, Decemb...
{"jamaica-observer":"Jamaica Observer"}
Marathoner ‘Daddy Roy’ Thomas dies at 97
Latest News, News, Sports
Marathoner ‘Daddy Roy’ Thomas dies at 97
December 18, 2025
KINGSTON, Jamaica – Fitness enthusiast Roy Thomas, a well-known figure on the local running circuit, has died aged 97. The Reggae Marathon confirmed T...
{"jamaica-observer":"Jamaica Observer"}
❮ ❯

Polls

HOUSE RULES

  1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper; email addresses will not be published.
  2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.
  3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.
  4. Please do not write in block capitals since this makes your comment hard to read.
  5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.
  6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.
  7. Lastly, read our Terms and Conditions and Privacy Policy

Recent Posts

Archives

Facebook
Twitter
Instagram
Tweets

Polls

Recent Posts

Archives

Logo Jamaica Observer
Breaking news from the premier Jamaican newspaper, the Jamaica Observer. Follow Jamaican news online for free and stay informed on what's happening in the Caribbean
Featured Tags
  • Editorial
  • Columns
  • Health
  • Auto
  • Business
  • Letters
  • Page2
  • Football
Categories
  • Business
  • Politics
  • Entertainment
  • Page2
  • Business
  • Politics
  • Entertainment
  • Page2
Ads
img
Jamaica Observer, © All Rights Reserved
  • Home
  • Contact Us
  • RSS Feeds
  • Feedback
  • Privacy Policy
  • Editorial Code of Conduct