Usain Bolt attorneys claim that a Jamaican investment firm is missing more than $12.7 million from his account. It is currently the subject of a police and government inquiry. Bolt is an eight-time Olympic gold medalist.
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 Hay, which is still in its early stages.
The former sprinter is attempting to reclaim $12.7 million after the balance of his SSL account “inexplicably decreased” to barely $20,000. According to Bolt’s attorney, Linton Gordon, who spoke with Reuters on Tuesday.
Gordon added that if the money is not recovered, Bolt, 36, who gave up competing in sports in 2017, will think about taking legal action.
Bolt’s agent, Ricky Simms, told CNN that there was a fraud investigation going on concerning potential SSL activity. But he was unable to specify how much money was missing from Bolt’s account.
The Financial Services Commission (FSC) of Jamaica said on Tuesday that it had taken over interim control of SSL.
The FSC’s executive director, Everton McFarlane. Claimed that a customer relationship manager at SSL was responsible for the scam during a press conference on Wednesday.
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According to the FSC’s understanding, fraud of this magnitude has never occurred before, McFarlane added.
Employee theft is a problem that all firms must consider, and the majority of them, particularly financial institutions, take it very seriously. We don’t think this heinous act of dishonesty by an SSL employee, probably with help, can be interpreted as a sign of the danger facing the entire sector.
According to Reuters, SSL said in a statement that day that it had learned of a former employee’s fraudulent activities. And had reported it to police enforcement.
SSL was contacted by CNN for comment, but they did not respond.
When Bolt won gold medals at the Olympics in Beijing in 2008, London in 2012, and Rio in 2016, he became well-known. He still retains the world records for the 100 and 200 metres. Which he set at the Berlin 2009 World Championships in 9.58 and 19.19 seconds, respectively.