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Bolts incendiary bombshell

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Usain Bolt, a legendary sprinter from Jamaica, is facing the wipeout of a significant investment he made at Stocks and Securities Limited (SSL), and he is now worried that the money he had intended to receive in his later years would probably not be recovered.

According to a TalkUpDiTingsDem News source, Bolt’s management team received the information last week, right before the firm disclosed a big scam that is believed to have cost more than $1.2 billion.

Bolt is one of more than 30 individuals whose SSL assets are thought to have been defrauded by a wealth advisor.

As of last Thursday, SSL had “became aware of fraudulent activities by a former employee of the company,” according to a statement it released.

After conducting preliminary internal reviews, the corporation declared that it had “submitted the subject to the competent law enforcement authorities to permit a thorough and complete evaluation of all aspects of the problem.” The business continued, “To ensure this, we have improved internal systems to spot suspicious activity in the quickest time feasible and taken steps to secure those assets.” Additionally, the business pledged to “continue to cooperate completely with law enforcement throughout this investigation and ensure that the responsible party receives the full force of the law.”

TalkUpDiTingsDem’s source claimed over the weekend that SSL had been aware of the scam since August, but the employee suspected of being involved had still been working there as late last Wednesday.

The Olympian’s team requested a meeting with SSL personnel in December after the Olympian reviewed his financial portfolio annually and noted the mismatch. On that day, Bolt’s team met with SSL representatives.

SSL said that it had been looking into other concerns to which the employee had purportedly “admitted,” but that it had not been aware that Bolt had also been impacted until Bolt’s team brought the issue to SSL’s attention.

The insider claimed that Bolt opened the account in 2012 and never withdrew any money. He reportedly invested a little around USD 10 million. Only US$2,000, according to the source, is still in the account.

The authorities are investigating the likelihood that more than one person was involved in the fraud, as the source also implied. TalkUpDiTingsDem attempted to contact the company over the weekend to get confirmation of this information but was unsuccessful.

Late on Thursday, the Financial Services Commission (FSC) said that it had given SSL instructions prohibiting it from selling or trading assets without approval.

The regulator stated that “these instructions are a supervisory instrument to allow the FSC to engage a business in a process of increased oversight.”

The need for the FSC to have a complete view of the integrity of the transactions being performed, including the movement of funds and securities into and out of SSL, is reflected in the case of SSL by this heightened oversight.

The FSC also declared that it would keep looking into SSL-related issues.

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