World-record sprinter Usain Bolt reportedly had $12.7 million wiped away from his bank account with a private investment firm.
On January 11th, Jamaican law enforcement was notified about fraud at private investment firm Stocks & Securities Ltd (SSL).
According to Chief Technical Director Selvin Hay, the Jamaican Constabulary Force’s Fraud Squad and the Financial Investigation Division has since launched an investigation to look into the matter.
“We understand that clients are anxious to receive more information and assure you that we are closely monitoring the matter throughout all the required steps and will alert our clients of the resolution as soon as that information is available,” the commission said.
However, Bolt’s lawyer Linton Gordon says the Olympic gold medalist has lost roughly $12.7 million. Gordon adds that Bolt’s SSL account “inexplicably dwindled” down to $12,000. In addition, Gordon says Bolt will consider legal action if the money is not returned to his account.
Nevertheless, Jamaica’s FSC announced on Tuesday that the commission has taken temporary management of SSL. The following day, executive director of the FSC claimed the fraud was allegedly committed by a client relationship manager at SSL.
“To the knowledge of the FSC, this level of fraud has never happened before,” the executive director said. “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.”
SSL has not made a statement regarding the situation just yet.
