Olympic sprint legend Usain Bolt has lost millions of dollars’ worth of investment after Jamaican investment firm Stocks and Securities Limited (SSL) reported a massive internal allegation of fraud.
The incident has reportedly impacted more than 30 individuals including Jamaican Bolt and according to reports the total loss amounts to more than $1.2 billion.
It has resulted in Jamaica’s Financial Investigations Division and Financial Services Commission launching an investigation into the company.
Bolt’s manager Nugent Walker was the first to confirm the incident stating that Bolt only became aware of the discrepancy with his account last Wednesday.
According to the Jamaica Observer newspaper, Bolt and his team met with SSL on the aforementioned day to review his financial portfolio but was stunned to see a balance of only $2,000 in an account that had originally invested just under $10 million.
His team made SSL aware of the huge discrepancy, after which the company revealed that it was unaware that Bolt’s account was impacted, but confirmed that they were conducting an internal investigation on one of their employees who had allegedly confessed to defrauding other individuals.
The following day the management of Stocks and Securities Limited issued a press release on the matter, stating that their company will be working with law enforcement agencies to ensure that the individual responsible for the fraud, faces the full consequences of the law.
“Following initial internal investigations, management has referred the matter to the relevant law enforcement authorities to facilitate a thorough and complete examination of all aspects of the matter,” the statement read.
It added, “SSL will continue to liaise and cooperate fully with law enforcement throughout the investigation and ensure that the responsible party faces the full consequence of the law.”
The FSC subsequently issued a press release on Friday, stating that it had placed Stocks and Securities Limited under enhanced oversight while investigations were ongoing into the matter.
“In the case of SSL, this enhanced oversight reflects the need for the FSC 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 stated.
It is unclear whether Bolt or any of the other individuals impacted will have their funds returned to their accounts.