The Analysts of Taking Stock with Kalilah Reynolds say they believe Jamaica is still a good place to invest, despite the massive fraud at investment firm, Stocks and Securities Limited (SSL).

Over $1 billion was allegedly stolen from the accounts of over 30 investors, including Olympian Usain Bolt. The news has sent shock waves through the local investment community, with many people taking to social media to voice their displeasure and scepticism of the overall industry.

However, Senior Research Analyst at JN Group, Fay Samuels, said that there is no data to suggest that instances of fraud have increased. 

“These incidents though they seem huge or like they have increased substantially, the data doesn’t show that there’s been more fraud committed than at any other time,” she said. 

The Financial Services Commission (FSC), which is responsible for regulating the investment banking sector, said that the situation at SSL is unprecedented. 

“This level of fraud, to our knowledge, has never been committed before,” Executive Director of the FSC, Everton McFarlane, said at a press conference.

“This despicable act of dishonesty by an employee at SSL and possibly with collaborators, we believe, cannot be taken as symptomatic of the risk for the entire industry,” he added.

To that end, Samuels said she believes Jamaica is still a great place for investors.

“A lot of brokerage houses are still doing a great job of managing money and Jamaica is an emerging economy that has a lot of good potential,” she said.

“If you are Jamaican or affiliated with Jamaica, you’re not just investing to earn returns but also to build a country and grow your country for future generations,” she added.

Business Journalist David Rose shared similar sentiments.

“Jamaica is still a developing space with tons of opportunity. We are seeing more and more persons become success stories, not just through the JSE but by opening businesses, entering new developments or investment projects,” he said.

Rose acknowledged that Jamaica has pressing issues that need to be addressed; however, every country faces challenges, and it does not stop markets from thriving.

“It just comes down to you ensuring that as an investor, you have a lawyer who understands the protections you need in place for any investment,” he said.

“At the same time, investment brokers and agents should be very forthright and willing to answer questions as you demand it,” he added.

Rose said that he believes Jamaica is still a good place to invest, however, investors should exercise caution in light of the current situation and conduct thorough due diligence on their investment firms.