Jamaican financial authorities launch investigation into SSL, the company holding investments for eight-times Olympic gold medalist Usain Bolt
Probe began after millions was reported missing from Bolt’s account, that has been attributed to large scale fraud
Jamaica’s Financial Services Commission said in a statement that it had placed the firm, Stocks and Securities Limited (SSL), in “enhanced oversight” while it conducts the probe
An SSL employee has been implicated in widespread fraud at the company, and may have been involved in the the developments surrounding Bolt’s account, according to reports
Bolt been “been with this entity [SSL], over 10 years… His entire portfolio is being reviewed,” the Olympian’s manager said
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 (FSC) said in a statement that it had placed the firm, Stocks and Securities Limited (SSL), 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.
According to the Gleaner an SSL employee has been implicated in widespread fraud at the company, and may have been involved in the the developments surrounding Bolt.
A lawyer representing the unnamed employee told the Gleaner that her client had been talking with legal representatives of SSL for two weeks.
“My client is in discussion with SSL and the lawyers representing SSL,” she said.
The FSC said it was “aware of reports of allegations of fraud at one of its licensees, Stocks and Securities Limited (SSL).” Related News.
“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.
Considered one of the greatest track athletes of all time, 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
He holds world records in the 100m, 200m and 4x100m relay.
The Bolt, 36, retired in 2017, and has a number of lucrative sponsorship deals. In 2016 alone he earned $33m from sponsorship, prize money and appearances fees, making him easily the highest-earning track athlete in the world.