According to a report in the Thursday’s March 16, 2023 edition of the Gleaner, an 80-year-old Canadian woman whose two accounts at Stocks and Securities Limited (SSL) were allegedly defrauded of US$830,000 has filed a lawsuit against the investment firm, its former Client Relationship Manager Jean-Ann Panton, founder Hugh Croskery, and eight other people in the Supreme Court to recover the sum among other damages.
The claimant is Jean Forde, a retired librarian who resides in Canada. She also seeks restitution of US$518,175 for SSL’s “unauthorized” sale of her 11 percent 2021 bond issued by the Jamaica Public Service.
SSL has been named the first defendant in the claim, followed by Panton, Croskery, and his son Mark, Lamar Harris, Zachary Harding, Jeffery Cobham, Sarah Meany, and Laurence Adamson, respectively Peter Knibb, and Ivan Carter.The defendants have served as either SSL board members or chief executive officers.
In a sworn 18-page affidavit, Forde accused the defendants of negligence, breaching their fiduciary duties, conspiracy, and unjust enrichment.She is seeking, among other things, a declaration from the court that SSL acted in breach of trust, damages for breach of trust and contract, conversion, conspiracy, unjust enrichment, and negligence.
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Forde also wants statements of all payments to and from each of her accounts and a statement of funds accruing in the accounts since they were opened at the time of judgment.
Under the Law Reform Act, she is also seeking interest at a commercial rate or a rate and period the court deems just as well as costs and attorney costs.