Usain Bolt missed $12.8 million from investments in Jamaica, his lawyer said | CNN



CNN

Lawyer for the eight-time Olympic gold medalist Usain Bolt said that more than $12.8 million is missing from his account with a Jamaican investment company that is under investigation by the police and the government.

Jamaican law enforcement received complaints about alleged fraud at wealth management company Stocks & Securities Ltd (SSL) on January 11, affecting the accounts of Bolt and others, said Selvin Hay, CEO. Director General of Jamaica’s Financial Investigations Division, per CNN.

Hay added that an investigation, which is currently in its early stages, is being conducted by the Jamaica Constabulary Force’s Fraud Squad and the financial research department.

A letter from Bolt’s lawyer, Linton Gordon, to SSL, which was shared with CNN, says the former sprinter is seeking to recover $12.8 million after his SSL account was overdrawn. “secret” to more than $12,000.

Bolt, who retired from the sport in 2017, has not withdrawn or withdrawn from the account, according to Gordon, and will consider a lawsuit. illegal if the money is not recovered.

Bolt’s representative, Ricky Simms, confirmed to CNN that an investigation into the SSL fraud allegations is underway, but he denied additionally, he could not confirm how much money was missing from Bolt’s account.

CNN has contacted SSL for comment but has not received a response.

On Tuesday, the Financial Services Commission of Jamaica (FSC) said it had taken over interim management of SSL.

At a press conference on Wednesday, Everton McFarlane, director general at the FSC, told reporters that the fraud was allegedly committed by a customer relations manager at the SSL.

“To the FSC’s knowledge, this level of fraud is unprecedented,” McFarlane said.

“Employee theft is a risk faced by all businesses and is a business risk for many sectors, especially financial institutions, that is taken very seriously… This heinous behavior of the The loyalty of an employee to SSL, and possibly colleagues, we believe is impossible. It is a sign of danger for the entire industry.”

According to Reuters, SSL issued a statement on January 12 that it discovered the fraudulent activity of a former employee and submitted the matter to the law.

CNN has contacted SSL for comment but has not received a response.

Bolt became a household name after winning gold medals at the Beijing 2008, London 2012 and Rio 2016 Olympics. He still holds the world records of 100 and 200 meters of 9.58 seconds and 19.19 seconds, both held at the 2009 World Championships in Berlin.

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