By: Staff Writer
January 24, 2023
Lawyers for eight-time Olympic gold medalist Usain Bolt say more than $12.8m is missing from his account with a Jamaican investment firm now under police and government investigation.
Bolt was recently told there was only about $12,000 remaining in the account, his lawyer Linton P. Gordon told another news outlet. The account was part of Bolt’s retirement and lifetime savings.
“It’s distressful news for anyone,” Gordon said on Wednesday. “And certainly in the case of Mr Bolt, who established this account as part of his private pension.”
Jamaica’s Financial Services Commission on Tuesday said it had installed its own temporary manager at Stocks and Securities Limited (SSL), following reports of allegations of fraud that had earlier prompted the commission to put the bank under enhanced oversight.
SSL is a wealth management company and brokerage. According to its site, it has a main office in Kingston, Jamaica, and provides services including private wealth management.
SSL acknowledged the fraud in a statement saying that it became “aware of fraudulentactivity by a former employee of the company,” per the Jamaica Observer, and had alerted authorities.
“To ensure this, we have taken steps to secure those assets and strengthened internal protocols to detect suspicious activity in the shortest time possible,” it added.
Two sources have reported Bolt’s assets were involved with this company. Aside from Walker’s interview, the Jamaica Observer reported that an unnamed source told the outlet Bolt’s team was informed of the fraud just before it became public knowledge.
The outlet has also reported that the fraud is thought to have affected more than 30 people and $1.2 billion, and that Bolt’s investment was a little less than $10 million. Another Jamaican government regulator involved with the investigation said this week that transactions of a suspicious nature had been going on for over 10 years.
Bolt’s lawyers sent a letter to SSL requesting that the money be returned or they will face civil and criminal action.
The company has said that it discovered the fraud earlier this month and that several of its clients may be missing millions of dollars.
Jamaica’s finance minister, Nigel Clarke, called the situation alarming but noted it was unusual.
“It is tempting to doubt our financial institutions, but I would ask that we don’t paint an entire hard working industry with the brush of a few very dishonest individuals,” he said.
Bolt’s lawyers sent the letter on Monday January 16, the same day that Jamaica’s Financial Services Commission announced it was appointing a special auditor to look into fraud allegations at Stocks & Securities Limited, which is based in the capital of Kingston.
Last week Tuesday January 17, financial authorities said they were assuming temporary management of the private investment firm. It is allowed to keep operating but needs approval from the government for any transactions.
Bolt, who retired in 2017, holds the world records for the 100 meters, 200 meters and 4×100 meters.