Usain Bolt, the Jamaican superstar sprinter, is reported to have missing funds upward of $12.7 million that was in an investment account with Jamaican private investment firm, Stocks and Securities Limited (SSL). Bolt’s lawyer, Linton Gordon, showed a letter to the Associated Press that served as a demand for the return of the funds before legal action was instituted. According to reports, only $12,000 remains in what was supposed to be Bolt’s retirement and life savings account. Jamaican publication The Gleaner stated that Bolt became aware of the missing funds situation on Wednesday, January 11th.
Possible Legal Action Over Missing Funds
“If this is correct, and we are hoping it is not, then a serious act of fraud, larceny, or a combination of both have been committed against our client,” Bolt’s legal representatives said in the letter. They threatened to launch criminal and civil suits if the money was not returned in ten days.
SSL said it became aware of the missing funds earlier this month. It is also reported that, besides Usain Bolt, several other clients could be missing millions. The investment firm has been placed under investigation by Jamaica’s Financial Services Commission with an auditor appointed to look into the fraud allegations. According to the Gleaner, an SSL employee has been allegedly involved in committing fraud at the firm. It is likely the aforementioned employee played a role in the disappearance of Bolt’s investments.
SSL Statement About Missing Funds
SSL released a statement on its website, asking clients to direct their queries to the Financial Services Commission because it had assumed managerial control of the firm. “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 company said.
Nigel Clarke, Jamaica’s Finance Minister lamented the situation, calling it alarming and unusual. He, however, said not all Jamaican financial services providers should be perceived as untrustworthy institutions. “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,” Clarke said.
