Attorneys for eight-time Olympic gold medalist Usain Bolt say more than $12.7 million is missing from his account with a Jamaican investment firm and the issue now subject to police and government investigation.
According to Selvin Hay, Chief Technical Director of Jamaica’s Financial Investigations Division, the suspected fraud at wealth management company Stocks & Securities Ltd (SSL) that affected Bolt and other people’s accounts was brought to the attention of Jamaican law enforcement on January 11.
The Financial Investigations Division and the Fraud Squad of the Jamaica Constabulary Force are currently conducting an investigation, according to Selvin Hay, which is still in its early stages.
Bolt is seeking to recover $12.7 million after the balance of his SSL account “inexplicably dwindled” to just $12,000, according to the former sprinter’s attorney, Linton Gordon.
Gordon added that if the money is not recovered, 36-year-old Bolt, who announced his retirement from athletics in 2017, will consider legal action.
Everton McFarlane, executive director of the Financial Services Commission FSC, said reporters in a press conference on Wednesday January 18 that a client relationship manager at SSL was reportedly responsible for the fraud.
“To the knowledge of the FSC, this level of fraud has never happened before,” said McFarlane.
“Employee theft is a risk all businesses face and is a risk that businesses for the most part, and in particular financial institutions, take very seriously. 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.”
According to news reports, SSL issued a statement on January 12 saying it had become aware of fraudulent activity by a former employee and referred the matter to law enforcement.
Author-Roberta Appiah
