SSL investors hopeful after arrests

At least two investors impacted by a multibillion-dollar fraud uncovered at investment firm Stocks and Securities Limited (SSL) are viewing last weekend’s arrests of three of the entity's former senior officials as positive progress in the ongoing investigation.

Nearly three years after the discovery of the fraud, reported to involve money from more than 200 clients, founder Hugh Croskery, former Director Sarah Meany and former Chief Executive Officer Zachary Harding were taken into custody on the weekend and charged.

A 78-year-old pensioner told The Gleaner she was “heartened since this began. After years, finally, there seems to be some headway”.

The St Andrew woman, who is a widower, first spoke to The Gleaner last February, when she revealed that she invested J$60 million in September 2019 with SSL after selling a building left to her by her late father.

Her expectations were that the money would be invested and she could use the proceeds to purchase an apartment, a crushed dream which, she said, almost destroyed her.

HIGH-PROFILE ARRESTS

However, even as she sees last weekend’s high-profile arrests as promising, she also told The Gleaner she experiences severe flashbacks and pain whenever there are media reports on the company, which, investigators have told her, never actually invested her money.

“But I would like it to be thoroughly investigated. If it was not [for] family and good friends, I would not get through this. I was put on medication; and still take it every time something triggers it, like now. I thank the FID (Financial Investigations Division) for at least bringing this to court.”

A recent payout was made by the SSL trustee to some investors, but she said she was not one of them.

“I went to the SSL office, but I was told only people who invested through Miss Panton were getting some money.”

Former Client Relationship Manager Jean-Ann Panton remains in custody after she was arrested in February 2023 in relation to the fraud, with her trial scheduled to begin on May 4, 2026.

Panton faces a 22-count indictment, including charges of larceny as a servant, forgery, uttering forged documents, and breaches of the Proceeds of Crime Act and Cyber Crimes Act.

The disappointed investor told The Gleaner she has friends who refuse to discuss their ordeal publicly, but they are among those anticipating that the upcoming court cases will bring answers to their myriad of questions.

“I am feeling a little better, but I am not getting my hopes up. But I hope, in the name of God, I get it back, or some of it. I am hoping and praying for all who are affected [that] we will get it back. I pray, and sometimes I doubt, and sometimes I get a feeling that we will. I don’t know, I try to be positive because everybody is saying it has to come back. I hope to get it back. I could buy a little apartment for myself. I am just hoping and praying.”

ACCOUNTABILITY

Another investor, whose plight has previously been publicised, told The Gleaner that “for too long, the perception has lingered that certain white-collar crimes, despite their devastating impact on individuals and the broader economy, might go unpunished”.

The investor said the most recent arrests act as “a powerful reaffirmation that accountability is not merely an aspiration, but a tangible pursuit within our legal system”.

The investor added: “It underscores the critical message that financial transgressions, irrespective of their intricate nature or the prominence of those allegedly involved, will not be overlooked. Hopefully, this marks a turning point, where the pursuit of justice for victims of such alleged misconduct becomes an unwavering priority, restoring faith in the integrity of our financial landscape, and reinforcing the foundational belief that no one is above the law.”

She said the arrests were, for her, “a deeply significant moment, signalling a long-awaited glimmer of hope that the principle of justice still holds sway in Jamaica”.

Croskery, Harding and Meany have each been charged with fraudulently inducing persons to invest; failure to register a company carrying on business in Jamaica; carrying on a securities business without a dealer’s licence; failure to apply to the Financial Services Commission to be registered for securities issued; and breaches of the Banking Services Act.

After they were charged on the weekend, they posted bail and are set to return to court on January 26.

karen.madden@gleanerjm.com