Usain Bolt, the so-called fastest man in the world and an Olympic sprinter from Jamaica, was astonished to find $12 million gone from an account. He held it in Kingston-based Investment Company Stocks and Securities, according to sources.
Only roughly $12,000, according to Bolt’s attorney Linton P. Gordon, was still in the account. According to a Fortune story, Bolt’s retirement and life savings were included in the account.
“This news would be upsetting for anyone, “Wednesday, Gordon added. “In the instance of Mr. Bolt, who established this account as a component of his private pension, this is particularly true.”
The Financial Services Commission of Jamaica made the announcement on Tuesday. It had appointed its own temporary manager at SSL in response to accusations of fraud allegations that had earlier led the commission to tighten its inspection of the bank.
What’s the reason behind this?
Investigations into the Jamaican Private Investment Corporation are still going on. The government’s handling of the situation has come under fire. This is one of the largest fraud scandals to ever afflict the Caribbean island.
Everton McFarlane, was most recently the executive director of Jamaica’s Financial Services Commission. He reportedly went on vacation on Friday and will step down on January 31.
A senior officer of the Bank of Jamaica will take over while the investigation into Stocks and Securities Limited. The business based in Kingston, continues.
The investigation started when Stocks & Securities Limited told the authorities in a letter dated January 10 that a manager was suspected of committing fraud. Days later, Bolt’s lawyers asserted that the amount in his account had dropped from roughly $12.8 million to about $12,000.
Finance Minister Nigel Clarke claims that some prominent clients have also been defrauded based on a preliminary investigation. He said that investigators are attempting to find any such purchases and that the government would seek complete confiscation of any goods found to have been purchased using funds from the alleged scam.
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