Iconic Jamaican sprinter Usain Bolt recently discovered he has lost millions of dollars in his most prominent investment. Bolt invested with Stocks and Securities Limited in 2012 and now has almost nothing to show for it.
The company specializes in financial planning, brokerage, private wealth management, and investment banking.
According to the Jamaica Observer, the news was delivered last week to Bolt’s manager Nugent Walker just before the company went public about being linked to a massive $1.2 billion dollar fraud and now he fears he won’t recover any of his lost funds. He is among 30 people involved whose investments are believed to have been fleeced.
“All the relevant steps have been taken to come to the bottom of this,” Walker said to Jamaican media outlet The Gleaner.
According to the Gleaner report, SSL discovered that a former employee has been implicated in a massive fraud at the entity, including Bolt’s missing millions. SSL was aware of the fraud since last August, but the former employee had been working with the company up until last Wednesday.
The Jamaican Financial Investigation Divisions and Financial Services Commission has launched an investigation. Local law enforcement is involved with the investigation efforts as well.
The company has been conducting an internal investigation in which the former employee allegedly confessed, but they only recently discovered Bolt’s money had been affected.
The FSC issued a notice to SSL on Jan. 10 that banned them from engaging in sales or trading of assets without permission from the FSC.
“These directions are a supervisory tool to allow the FSC to engage an entity in a process of enhanced oversight,” the regulator told reporters. “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…
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