'Just Left With $12,000': How Did Usain Bolt Lose His Entire Retirement Fund of $12 Million?

[Spartan]

Jamaican Olympic sprinter Usain Bolt, called the fastest man in the world, was shocked to discover $12 million missing from an account he had with Kingston-based investment firm Stocks and Securities, his lawyer said, according to reports.

Bolt’s lawyer, Linton P. Gordon, said there was only about $12,000 left in the account. Bolt’s retirement and life savings were included in the account, a report by Fortune said.

“Anyone would be distressed by this news," Gordon said on Wednesday. “This is especially true in the case of Mr. Bolt, who set up this account as part of his private pension."

Earned..Not Given. pic.twitter.com/74qgiHyCaL— Usain St. Leo Bolt (@usainbolt) January 21, 2023

The Financial Services Commission of Jamaica announced on Tuesday that it had installed its own temporary manager at SSL, following reports of allegations of fraud that had previously prompted the commission to place the bank under increased scrutiny.

So How Did This Happen?

Investigations are on into the private investment firm in Jamaica, and the case has sparked criticism over the government’s handling, with one top official forced to resign amid one of the largest fraud scandals to hit the Caribbean island.

Everton McFarlane, who until recently was executive director of Jamaica’s Financial Services Commission, went on leave Friday and will step down Jan. 31, officials said, according to a report by the Associated Press.

A top official with Bank of Jamaica will take his place as the investigation continues into Stocks and Securities Limited, a firm based in the capital of Kingston.

“There will be full transparency,” Finance Minister Nigel Clarke said late Thursday, adding that he was disgusted by what the investigation into the alleged fraud has revealed so far.

“No stone will be left unturned in unearthing exactly how funds were allegedly stolen, who benefited from such theft and who organized and collaborated in this,” he said.

“In a World of Lies….Where is the Truth?The History Evil….What is the Root?…MONEY #CrypticWorldpic.twitter.com/h8BOHp51Cr— Usain St. Leo Bolt (@usainbolt) January 16, 2023

The investigation began after Stocks and Securities Limited sent authorities a letter Jan. 10 alerting them that a manager had apparently committed fraud. Days later, lawyers for Bolt said the money in his account had dwindled from nearly $12.8 million to $12,000.

Clarke said a preliminary investigation found that a number of elderly clients also have been defrauded. He said that authorities are trying to determine whether any items have been bought with proceeds of the alleged fraud and that the government will seek full forfeiture of them.

“We empathize with all investors who have been impacted by this,” he said.

Jamaica’s Financial Services Commission regulates financial companies, including Stocks and Securities Limited, but many people are questioning why the alleged fraud wasn’t caught earlier.

When a local journalist asked McFarlane at a recent news conference whether the agency he led lacked oversight, he declined to answer and said, “I’ll take another question.”

Earlier this week, McFarlane said the agency took immediate action as soon as it was alerted about the alleged fraud. On Jan. 12, the commission banned the company from conducting any transactions without its approval, and it has since appointed a temporary manager to oversee the company’s daily operations.

Stocks and Securities Limited posted a statement on its website saying that clients should direct all urgent queries to the Financial Services Commission.

Bolt’s attorneys have said they will take civil and criminal action if his money is not returned by the end of next week.