Jamaica launches fraud probe as Bolt millions feared missing

Jamaican financial authorities have launched an investigation into a company holding investments for eight-times Olympic gold medalist Usain Bolt after reports that he may have lost millions to large scale fraud.



Jamaica’s Financial Services Commission said in a statement that it had placed the firm, Stocks and Securities Limited, in “enhanced oversight” while it conducts the probe.



Bolt’s manager Nugent Walker told the Jamaica Gleaner newspaper that the retired sprinter, one of the greatest athletes of all time, has had investments with the company for over a decade.



“All the relevant steps have been taken to come to the bottom of this,” Walker told the paper, saying the athlete had noticed discrepancies with his account on Wednesday.



“He’s been with this entity over 10 years… His entire portfolio is being reviewed,” he added.



The newspaper said millions of dollars were reported missing from Bolt’s account. Walker was not immediately available for comment.



SSL did not respond to calls made to their office on Friday.



Oversight process



The FSC said it was “aware of reports of allegations of fraud at one of its licensees, Stocks and Securities Limited.”



“The FSC has issued Directions to SSL. These Directions which were dispatched to the company on Thursday January 12, 2023 are a supervisory tool to allow the FSC to engage an entity in a process of enhanced oversight,” the body said in their statement.



The FSC said the oversight process would allow them to have a “full view of the integrity of the transactions being conducted, including the movement of funds, and of securities into and out of SSL.” 



“The FSC will simultaneously continue its investigations into matters related to SSL,” they added.



Bolt retired from athletics in 2017 after a stellar career which in addition to eight Olympic golds included 11 World Championship gold medals.



Bolt sprung to global fame at the Beijing Olympics in 2008 when he won the 100m and 200m sprints, setting new world records in both races.



The Jamaican went on to win both races in the 2012 London and 2016 Rio Games.



Bolt’s 100m time of 9.572, set in Berlin in 2009, remains the world record and he also retains the fastest time in 200m.



AFP