Usain Bolt Fires Business Manager Over Jamaica Fraud Case

By Jaslin On Jan 28, 2023

Usain Bolt, the Jamaican sprinter, told reporters that he is perplexed as to how $12.7 million of his money went missing from a local private investment firm that police are investigating as part of a huge fraud. Usain Bolt, the Jamaican sprinter, told reporters Friday that he is perplexed as to how $12.7 million of his money went missing from a local private investment firm that police are investigating as part of a major fraud that began more than a decade ago.

Bolt also stated that he sacked his business manager, adding that the split was not amicable. When asked if he was “broke,” the former athlete laughed. “I’m not broke, but it’s really dampened my spirits,” he added. “It was for my benefit. Everyone knows I have three children. I’m still concerned about my parents and wish to live comfortably.”

According to Bolt’s solicitors, the athlete’s account with Kingston-based Stocks and Securities Limited has been reduced from over $12.8 million to under $12,000. They gave the firm until Friday to repay the funds or face civil and criminal charges.

As of late Friday, it was unclear whether any action had been taken. Attorney Linton P. Gordon did not respond to a request for comment. According to the Jamaica Observer, the public should expect the “expected and unexpected” in the case.

“Given what is going on, there is nothing to comment at this point,” he was reported as adding. “We met with people and are dealing with specific issues.” Jamaican Finance Minister Nigel Clarke stated earlier this week that the director of the Financial Services Commission was stepping down and that the Bank of Jamaica would now be in charge of overseeing the island’s financial industry.

He claimed that the alleged scam impacted various government entities as well as senior customers. “It’s usually a depressing situation. “Definitely disappointed,” Bolt said of the elderly victims. “Everyone is perplexed… “I’m as perplexed as the general population.”

Jamaican officials have asked the FBI and other undisclosed international specialists for assistance, claiming that clients were provided misleading claims about their balances as part of the suspected fraud. Officials have not yet stated how many clients were affected or how much money is gone.

Earlier that day, Bolt mentioned the potential fraud during a sponsored luncheon for an upcoming relay. “As you are all aware. “I’ve had a bad week, a few tough weeks,” he admitted, adding that he would continue to do everything he could to help his island.

“Regardless of what’s going on right now, Jamaica is my nation. That will not change,” he stated. “I’m just trying to focus on my family and not worry too much about it since it’s a terrible circumstance,” he added in an aside to reporters.

Stocks and Securities Limited did not respond to a request for comment on Friday. Earlier last month, the company notified authorities that management had allegedly committed fraud. Jamaican Prime Minister Andrew Holness indicated earlier this week that his government would not bail out the corporation. “The government will not socialize any debt, and we will not socialize our banks’ failure,” he stated.