10 Things You Should Know about the Investment Fraud That Has Usain Bolt Missing Millions

10 Things You Should Know about the Investment Fraud That Has Usain Bolt Missing Millions

Jamaica’s legendary Olympian Usain Bolt is one of some 30 individuals, including a current Member of Parliament, impacted by a massive fraud at the investment firm, Stocks and Securities Limited (SSL). Sources report the fraud, which was allegedly perpetrated by a former employee, totals over US$1.2 billion. Here’s what you need to know about this developing story.

  1. On January 11, 2023, Usain Bolt discovered discrepancies in his investment accounts in which it appeared that millions of dollars had disappeared. News reports say his retirement has been wiped out.
  2. An Olympic sprint legend and successful entrepreneur, Usain Bolt deposited US$8 million in SSL’s interest-bearing accounts over a decade ago. Sources report that the last account statement indicated the investments had gained in value since then to total at least US$10 million.
  3. The discrepancies were apparently related to the actions of a former SSL wealth advisor, who allegedly stole a large portion of his money before the fraud was discovered. The wealth advisor had worked at SSL for about 25 years and promoted herself with the slogan, “My clients trust me. I earned it.”
  4. Tamika Harris, an attorney who is representing the former SSL wealth advisor said her client was in discussions with the company and its lawyers and that the discussion began about two weeks ago.
  5. The wealth advisor is the chief focus of the investigation had allegedly already taken a large portion of the funds prior to the fraud’s discovery.
  6. Jamaica’s Financial Services Commission (FSC) imposed strict reporting requirements on the investment firm SSL under Section 8(1)(b) of the Financial Services Commission Act that prevents SSL from disposing of any assets, bars the firm from issuing funds to clients or accepting any new deposits until receiving permission from the FSC, and doing any sales to trades of assets with FSC permission.
  7. Investigators were told that the stolen funds total a minimum of US$6 million, or J$924 million.
  8. It is believed that this fraud could be one of the largest ever committed at a Jamaican financial institution.
  9. In an interview with the police fraud squad, the alleged perpetrator stated that she took the money from her clients to pay the medical bills of a family member who needed treatment abroad.
  10. SSL is Jamaica’s second oldest licensed securities dealer, majority owned by the Croskery family.

Photo – Deposit Photos

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