Former PM PJ Patterson warns FSC to prepare for lawsuit over SSL scandal

Jamaica’s former Prime Minister PJ Patterson has delivered a blistering critique of the Financial Services Commission (FSC) for its handling of the massive fraud scandal at Stocks and Securities Limited (SSL).

The scandal, which surfaced in January 2023, has rocked Jamaica’s financial sector, involving fraudulent activities dating back over a decade and affecting more than 200 investors with losses exceeding $30 million USD. Among the victims is Jamaican sprint legend Usain Bolt, who reportedly lost approximately $12 million USD.

Speaking at a People’s National Party (PNP) event in St. Andrew, Patterson called on the FSC to prepare a “top-class legal team” to defend against potential lawsuits from investors. He questioned whether the FSC breached its statutory duties by failing to prevent the fraud, arguing that the agency is “clearly exposed to civil action.”

In an interview with The Fix podcast earlier this year, Bolt broke his silence on the scandal, expressing disappointment in the government’s handling of the situation. “If this happen to me and it a gwaan fi two years and me can’t see back a dime … you really start evaluate,” Bolt said, suggesting that the ordeal has made him rethink his status as a public figure in Jamaica. He also accused the government of inaction, describing the situation as “almost at a stalemate.”