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JTA incurs $34 million bill in bid to recover funds stolen in massive fraud

Published:Monday | August 22, 2016 | 8:31 PM
The JTA says to date it has recovered $1.7 million and approximately US$6,371 as proceeds from the fraud.

The Jamaica Teachers’ Association (JTA) is reporting that it has spent in excess of $34 million to recover millions more that was fleeced through a fraudulent scheme in 2013.

The association was defrauded more than $95 million allegedly by former accounts clerk Marlon Francis who the police have not been able to find.

In its annual report to delegates at the JTA's 52nd Annual Conference, now underway in Montego Bay, St James, the teachers’ union disclosed that it spent $10.8 million in legal costs, $7.7 million for a forensic audit and $1.7 million for crime and security consultations.

The report noted that the consultations were undertaken to assist in locating Francis, who is believed to have fled the island. 

Additionally, the JTA says it spent $5.8 million for the provision of accounting services and $8.2 million on separation/redundancy costs.

READ: JTA reveals how stolen funds bought high-end properties

The JTA says to date it has recovered $1.7 million and approximately US$6,371 as proceeds from the fraud.

Francis is still being sought by the Fraud Squad.

Meanwhile, the JTA has brought a case against Francis and his family members seeking to forfeit three properties valued at $64 million, which were acquired by the alleged fraudster and his family members.