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The legal team for Usain Bolt gives SSL 10 days to refund the lost millions.

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Usain Bolt’s legal team has given Stocks and Securities Limited (SSL), a business that manages the retired sprint king’s stocks, 10 days to restore his missing money or face criminal and civil prosecution.

That is the deadline set down in the context of the enormous reported fraud that is allegedly taking place at the investment business where Bolt had made substantial investments, apparently for his “self-designed pension.”

The law firm of Frater, Binns, and Gordon informed SSL in a letter dated January 16, 2023, the authenticity of which was confirmed by TalkUpDiTingsDem on Tuesday, that Bolt’s account had more than US$12 million (J$1.8 billion) as on October 31, 2022.

However, the letter states that the account now has US$12,000 (J$1.8 million) in it.

In reference to the outstanding debt as of October 31, 2022, “as issued to him by you,” his attorneys are requesting payment of US$12,758,181.74 within 10 days.

According to reports, Bolt is one of more than 20 individuals whose accounts have been drained as a result of the alleged fraudulent activity SSL is currently looking into.

Over a decade, according to the Financial Investigations Division (FID), was spent taking “questionable activities” against some of the impacted accounts in the SSL investigation.

The Olympian lost the millions he spent in the company, according to news reports that surfaced last week. Since then, the SSL administration has said that they have enhanced internal mechanisms to quickly identify suspicious behavior and taken actions to safeguard the assets under their control.

According to SSL, the management of the company became aware of fraudulent activity by a former employee and, after conducting preliminary internal investigations, referred the matter to the appropriate law enforcement authorities to facilitate a full and comprehensive examination of all its aspects.

While the Financial Services Commission has chosen business recovery specialist Kenneth Tomlinson as the firm’s temporary manager, the FID and the JCF’s Fraud Squad are working together on the inquiry.

Additionally, Julian Robinson, the opposition’s spokesman on finance, expressed concern over the commission’s “apparent failure” to provide adequate regulatory oversight of businesses operating in the non-deposit-taking financial services industry following reports by The Gleaner that the FSC flagged SSL as a problem entity several years ago due to the firm’s dubious business practices.

Robinson claims that Jamaicans are now worried about the security of their money in these institutions. Additionally, he has urged the government to speak out and explain to Jamaica what steps it is doing to rebuild trust in this crucial area of the economy.

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