As the deadline for a legal demand made by attorney Linton Gordon on behalf of Olympian Usain Bolt, one of over 40 other clients of investment firm Stocks and Securities Limited (SSL), approached, the warning is that the public should expect both the expected and the unexpected.
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The demand is in response to a massive fraud that has been uncovered, where the investments of SSL’s clients, including Usain Bolt, were almost or completely wiped out. According to reports, Bolt’s account had a balance of over US$12 million at the end of October 2022, but by the end of the year, only US$12,000 remained.
Bolt’s lawyer said, at this stage, there is nothing much to say.
“Let it stay until the day because we have some delicate things dealing with. We have met with persons, and we are dealing with certain matters,” Linton was quoted by the Jamaica Observer.
In response to the fraud, Jamaica’s Finance Minister, Dr. Nigel Clarke, has implemented a series of reforms for the financial sector. These include replacing the executive director and four board members of the Financial Services Commission (FSC) with senior executives from the Bank of Jamaica.
The Minister also disclosed that the United States Federal Bureau of Investigation (FBI) and other overseas forensic auditors will assist local law enforcement agencies in their probe.
The FSC also successfully obtained a court order preventing the directors of SSL from winding up the company and liquidating assets.
Bolt is a retired Jamaican sprinter. He is considered the greatest sprinter of all time, having set world records and won multiple Olympic and World Championship gold medals in events such as the 100m (9.56), 200m (19.19) and 4x100m relay (36.84). He is a eight-time Olympic gold medalist, and 11-time World Champion. He retired from competitive athletics in 2017.
Gordon, who is representing Bolt, sent a letter to SSL demanding the repayment of the funds by January 27th. The deadline for this demand is Friday (January 27th), and it is still being determined what actions if any, will be taken next.