(CMR) Lawyers representing Usain Bolt have written to investment firm Stocks and Securities Limited (SSL), giving the company 10 days to return millions missing from his accounts. If this is not done, then the company will be sued for the money.
According to the letter from law firm Frater, Ennis & Gordon, Bolt's account balance was US$12 million plus on October 31, 2022, but it has now been depleted to just over US$12,000.
The fraud was detected earlier this month and a wealth advisor was implicated. She has since given a statement.
According to the Jamaica Gleaner, the Financial Services Commission (FSC), which regulates investment houses, took temporary management of SSL on Tuesday, a day after appointing a special auditor for the firm.
However, the FSC is now facing scrutiny after The Gleaner reported on a February 2017 agency report in which staff described SSL as operating “a culture of non-compliance and mismanagement of client funds”.
The report detailed numerous alleged failings of SSL, including the failure to submit audited accounts, providing misleading figures for clients, and having widespread inconsistencies in records of client funds.
The FSC noted that for the five years and six months leading up to February 2017, the company had been operating under its directions and “has remained a problem institution”.
At the time, the regulators threatened to suspend SSL's operating license if it failed to address the problems. It is not known if the company had made any adjustments to continue operating.