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Officials in Jamaica have asked the FBI to help in a broader investigation into an alleged multi-million dollar fraud that spanned more than a decade and came to light with the disappearance of the Olympic star’s $12.7 million retirement fund. Usain Bolt.
Jamaica’s Finance Minister Nigel Clarke said on Monday that he had asked the FBI and other international partners to join the investigation of investment firm Stocks and Securities Limited (SSL).
Bolt’s lawyer revealed last week that his investment account with SSL, which represents a substantial fraction of Bolt’s estimated $90 million fortune, had inexplicably shrunk from $12.7 million to just $12,000.
SSL blames any discrepancy on a rogue ex-employee, but Clarke revealed that the evidence suggests a long-standing “theft” scheme dating back to at least 2010, which could involve billions in stolen customer funds.
Officials in Jamaica have asked the FBI to assist in a broader investigation into an alleged multi-billion dollar fraud spanning more than a decade, in which Usain Bolt (above) is a victim.
“This fraud is one of the biggest securities frauds in the last two decades,” Clarke said at a news conference.
Clarke said the alleged fraud appears to have been “specifically targeted” at certain SSL clients, who received statements from their investment accounts that did not match their actual balances.
Officials previously said that several “elderly investors” were among the alleged targets of the scam.
The finance minister said he had asked the FBI and other law enforcement partners to provide “international forensic auditors to help unravel this 13-year-old fraud so that we can bring all perpetrators and all co-authors to justice.” -conspirators”.
FBI and SSL representatives did not immediately respond to DailyMail.com’s requests for comment Monday night.
“The central question, dear Jamaicans, is how this fraud, this alleged fraud, went undetected for 13 years, between 2010 and 2023. Maybe even longer,” Clarke said.
“During this entire period, this alleged fraud was perpetrated,” he said.
Clarke promised transparency in the investigation and said a full timeline of regulatory interactions with SSL would be released to the public.
The finance minister lamented in his remarks that “the coverage of this fraud in all the world’s major media outlets is a source of great embarrassment for Jamaicans here and in the diaspora.”
“I feel the full range of emotions (anger, disgust) and like many Jamaicans I am deeply hurt by these events,” he added.
“This is a heavy blow to Jamaica and has the unfortunate impact of tarnishing Jamaica’s global reputation.”
Jamaica’s Finance Minister Nigel Clarke said on Monday that he had asked the FBI and other international partners to join the investigation of investment firm SSL.
The head office of Stocks and Securities Ltd. (SSL), one of the 15 broker/dealers registered on the Jamaica Stock Exchange, and now embroiled in a widening scandal.
Clarke confirmed on Monday that he had called for the resignation of Financial Services Commission head Everton McFarlane amid mounting criticism of the regulatory agency’s handling of alleged SSL fraud.
SSL is a boutique wealth management and brokerage firm founded in 1973, and is one of 15 brokers registered on the Jamaica Stock Exchange.
The SSL website has delisted its two directors, Jeffrey Cobham and Hugh Croskery, and a notice on the site says the company is now under the control of the Financial Services Commission (FSC).
Cobham was a managing director of the National Commercial Bank and served as a director of Sagicor Life Insurance, although Sagicor appears to have recently removed his bio from the company’s website.
Croskery is a founding member of SSL and previously served on the board of directors of the Jamaica Stock Exchange.
Bolt’s lawyer, Gordon, previously provided the Associated Press with a copy of a letter he had sent to SSL, saying his client’s deposit of $12.7 million had inexplicably been reduced to $12,000 and demanding that the deposit be returned. money.
“We will go to court with the matter” if the company does not return the funds, Gordon told Reuters.
“This is a great disappointment, and we hope that the matter will be resolved so that Mr. Bolt gets his money back and can live in peace.”
The SSL website has delisted its two directors, Jeffrey Cobham (left) and Hugh Croskery (right), and a notice on the site says the company is now under FSC control.
Croskery (above) is the founding member of SSL and previously served on the board of directors of the Jamaica Stock Exchange.
Bolt’s account was meant to serve as alimony for the eight-time Olympic gold medalist sprinter and his parents, Gordon said.
Bolt, 36, has an estimated net worth of around $90 million, and at the height of his career it was said that he was earning more than $30 million a year.
Considered one of the greatest sprinters of all time, Bolt retired in 2017 after dominating the sport for a decade and becoming a household name.
On January 12, SSL said in a statement that it had become aware of the fraudulent activity of a former employee and referred the matter to the police, adding that it had taken steps to protect assets and strengthen protocols.
On the same day, Jamaican regulators announced “enhanced oversight” of SSL and required a full view of all transactions at the company, including “the movement of funds and securities in and out of SSL.”
On January 13, the Financial Services Commission (FSC) stepped up its oversight by appointing a special auditor to oversee SSL.
The Jamaica Police Force said on January 16 that its fraud and financial investigation teams were investigating “alleged fraudulent activity on (SSL) which is said to have affected the accounts of Mr. Usain Bolt, among other individuals.”
Bolt was reportedly making more than $31 million a year at the height of his running career.
On January 17, the FSC clamped down, taking full control of SSL and appointing Kenneth Tomlinson of Business Recovery Services Limited as temporary manager of the brokerage.
‘Like all Jamaicans I am shocked and feel a deep level of anger and disgust at the alarming and vicious fraud that has allegedly been committed at Stocks and Securities Limited, and which is the source of public discussion and anxiety at the moment.’, Finance Minister Clarke said in a statement.
At a press conference on January 18, FSC CEO Everton McFarlane promised to publicly release the outcome of the investigation into the alleged SSL fraud. McFarlane has since resigned under pressure.
As of January 17, SSL removed the listings of its officers and directors from its website, directing urgent inquiries to the FSC.
“In addition to our press release of January 12, 2023, please note that the company is currently under the direction of the Financial Services Commission (FSC) and therefore SSL responses may be delayed at this time. ” the notice said.
“We understand that customers are eager for more information and we assure them that we are closely following the matter through all required steps and will alert our customers of the resolution as soon as that information is available,” it added.
‘Contact the Financial Services Commission with urgent inquiries. Thank you for your patience and kind understanding.’