Legendary track star Usain Bolt has called out a private Jamaican investment firm after almost $13 million went missing from his personal account.
On January 17, the 36-year-old retired athlete’s attorneys revealed that Stocks & Securities Limited is under investigation. A letter was sent to the firm demanding that Usain’s $12.7 million be returned to his account immediately.
Linton P. Gordon, the track star’s lawyer, reported that Stocks & Securities Limited left the Jamaican athlete an insulting $12,000. Gordon sent a letter that gave the organization the benefit of the doubt. However, he stated that if the money was stolen, then “fraud” was committed.
“If this is correct, and we are hoping it is not, then a serious act of fraud, larceny or a combination of both have been committed against our client.”
Stocks & Securities Limited has ten days to return the $12.7 million, or Usain’s attorney threatened to take legal action– both criminally and civilly. Jamaica’s Financial Services Commission is leading the investigation.
The Kingston-based organization touts itself as creating “investment portfolios for every Jamaican and build their Jamaican Financial Dream!”
“We understand that clients are anxious to receive more information and assure you that we are closely monitoring the matter throughout all the required steps and will alert our clients of the resolution as soon as that information is available,” the company said about the situation.
Stocks & Securities Limited claimed it determined that fraud had been committed and clients other than Usain were also missing millions of dollars.
The country’s Minister of Finance, Nigel Clarke, said the situation was “alarming” and not common. The Financial Services Commission selected an auditor to overlook the fraud investigation. The department also took over operations at the private investment firm. The government now needs to approve all financial transactions.
“It is tempting to doubt our financial institutions, but I would ask that we don’t paint an entire hard-working industry with the brush of a few very dishonest individuals.”
Usain hasn’t commented on the ongoing debacle. We hope he recovers all of his earnings.
