Jamaica launched fraud investigation after bolt reports millions missing
By: April Carson
In light of reports that Usain Bolt, the renowned eight-time Olympic gold medalist, may have been swindled out of millions in investments, Jamaican financial authorities have commenced an investigation into the company holding his assets. The financial operations are being monitored for any potential fraud or misappropriation of funds.
In a proclamation, Jamaica's Financial Services Commission (FSC) announced that the firm Stocks and Securities Limited (SSL) has been placed under enhanced oversight while an investigation is underway. The FSC has made clear that they will not tolerate any illegal financial activities and have promised to take necessary action in accordance with the law if any fraudulent activity is discovered.
The FSC also hinted at potential sanctions against parties linked to any wrongdoing, emphasizing that it would "not hesitate to pursue personal responsibility of those found guilty of such acts."
In a recent interview with the Jamaica Gleaner newspaper, Bolt's manager Nugent Walker revealed that the legendary athlete has had investments with their company for more than 10 years. "To ensure accuracy and accountability, every precautionary measure is being pursued," said Walker. Furthermore, Bolt noticed discrepancies in his account this Wednesday which sparked further investigation into the matter.
The Jamaica Constabulary Force is also involved in the investigation, looking into allegations of misappropriation and fraud. They noted that they would be taking "all necessary actions" to bring those responsible to justice.
Walker divulged that this individual has been connected to the company for over a decade and his complete portfolio is currently being examined. Reports of millions in unaccounted funds from Bolt's account have surfaced; however, Walker was unreachable when requested for additional information.
Despite numerous attempts made on Friday, SSL was unresponsive to calls. The Financial Services Commission (FSC) has moreover acknowledged allegations of fraud at the registered firm Stocks and Securities Limited (SSL).
On Thursday, January 12th 2023, the FSC dispatched Directions to SSL with the intention of enacting a supervisory procedure for enhanced oversight. This process will enable them to effectively engage and monitor this entity more carefully. As stated in their statement: "The FSC has issued Directions to SSL."
According to the FSC, by monitoring all transactions conducted, including the transfer of funds and securities into and out of SSLs, they will be able to gain a comprehensive understanding of their integrity.
The FSC has also appointed an examiner to review the records of SSL and investigate any discrepancies.
The FSC is also encouraging anyone who has been a victim of fraud or any incident related to SSLs, or other financial entities, to come forward with their experience. They are urging members of the public to report any suspicious activity immediately and contact their nearest police station.
The FSC declared they plan to pursue investigations into SSL matters, while Bolt looks back fondly on his remarkable career that granted him eight Olympic golds and 11 World Championship titles before retiring in 2017.
In 2008, Bolt truly established himself as a world-class athlete when he won the 100m and 200m sprints at the Beijing Olympics, setting new records in both races that have yet to be broken.
Jamaica's incredible athlete triumphed in both races at the 2012 London and 2016 Rio Games.
The FSC statement said it was also examining reports of other transactions by the company.
It added that anyone found to have "engaged in acts or omissions that amount to an offence under the applicable laws will be held accountable".
The Jamaican Government has requested that Bolt address the allegations, and he is yet to respond publicly.
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April Carson is the daughter of Billy Carson. She received her bachelor's degree in Social Sciences from Jacksonville University, where she was also on the Women's Basketball team. She now has a successful clothing company that specializes in organic baby clothes and other items. Take a look at their most popular fall fashions on bossbabymav.com
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