Usain Bolt situation explained: Olympic legend is missing $12.7 million in alleged fraud scheme

 
Olympic legend Usain Bolt has lost over $12.7 million from his bank account with the Jamaican private investment firm Stocks and Securities Limited (SSL), according to his lawyers. The FBI is officially involved in the investigation.

SSL is currently under surveillance, as the eight-time Olympic gold medalists is one of over 30 alleged victims affected. The sprinter, who was left with $12,000, opened the account in 2012 and has not withdrawn or transferred any money since. The account was intended to serve as a pension for the athlete and his parents, Bolt's attorney. Linton Gordon, told Reuters.

In a letter written to SSL on Jan. 16, Gordon threatened legal action if his client's money was not restored within 10 days. According to a report by Loop Jamaica news, the company's total alleged fraud is estimated at $3 billion, and SSL has reported that it only has $1 million in insurance for the investments it managed.

As of Jan. 17, Jamaica's Financial Services Commission (FSC) announced they were assuming temporary management of SSL and appointed Kenneth Tomlinson of Business Recovery Services Limited as the temporary manager.

"Like all Jamaicans, I am in shock, and feel a profound level of anger and disgust, at the alarming and evil fraud that has allegedly been committed at Stocks and Securities Limited, which is a source of public discussion and anxiety at this time" Jamaica's Finance Minister Dr. Nigel Clarke said on Jan. 18.

A suspect has already confessed to fraud and even given authorities a list of victims, but the story gets complicated as Bolt's name was not mentioned. According to a former SSL CEO, the company wasn't even aware he was a client.

Here are the latest updates on the entire
situation:

Former SSL employee confesses to crime

On Jan. 10, SSL reported the multimillion dollar fraud scheme to the FSC. That report was filed after Jean-Ann Panton, an SSL Client relationship manager, gave a written statement dated Jan. 7 in which she confessed to the crime.

Authorities searched two homes owned by Panton and seized documents and electronic devices.

SSL claims it was unaware Bolt was a client

According to a report by Loop Jamaican News, Zachary Harding -- who was CEO of SSL between Sept. 2019 and June 2022 -- said he was not aware that Bolt, or any company affiliated with the Olympic legend, was a client of the entity and that he "only learnt of Bolt being a client of SSL when the news broke in the media."

"At no time at all did his (Bolt) or any company he may have been affiliated with ever come up as being a client of SSL while I was there," Harding said. " ... It was also recently disclosed from a reliable source that Bolt's team only dealt with one person at SSL and that was Jean Ann Panton."
The complex situation and unanswered questions have led to a lot of commotion. Bolt seemed to indirectly respond to this through a social media post .

Jamaica's financial sector receives criticism

The fraud scandal doesn't just hurt Bolt and other investors: it also hurts the trust people have in Jamaican financial institutions. Clarke said there is "no need to panic" because he believes that despite this scandal, "Jamaica's financial sector remains strong."However, the FSC is facing significant criticism over its regulatory oversight of companies in the financial services sector, which may have enabled the alleged SSL scheme. Amid the chaos, FSC executive director Everton McFarlane submitted his resignation on Jan. 19.

"I am certainly disgusted at what has been revealed thus far in terms of the fraud at SSL and I have given a commitment that the government will do everything in our power to ensure that the strength and credibility of Jamaica's financial sector remains intact," Clarke said on the same day he accepted McFarlane's resignation.