Track legend and entrepreneur, Usain Bolt, is among several people who allegedly lost millions of dollars thanks to a former wealth advisor at a top local investment firm, Stocks & Securities Limited (SSL).
Bolt’s long-time manager, Nugent “NJ” Walker, confirmed that the relevant authorities are investigating the matter. The Financial Services Commission (FSC) and the Ministry of Finance’s Financial Investigations Division (FID) are among them. Police are also looking into the situation, with Walker saying a full portfolio review for Bolt is ongoing. Bolt has been in business with SSL for 10 years.
Nationwide News understands that a wealth advisor at a leading investment firm, Stocks and Securities Limited, SSL, is under the scrutiny of a high level team of police investigators who are probing a suspected US multi-million dollar fraud at the entity.https://t.co/jwRykv4VLJ
— Nationwide90FM (@NationwideRadio) January 13, 2023
Reports are that the advisor allegedly took the equivalent of $60 million Jamaican dollars from Bolt’s account. She also is at the centre of a wider probe investigating fraud resulting in the taking of a minimum of USD $6 million from over 30 investors. The figure could potentially eclipse JA $1 billion as audits take place to determine the full losses.
FID nvestigators are looking into whether she had a co-conspirator to aid her with the alleged fraudulent activity. SSL released a statement on Thursday saying they reported the suspicious activities to the police.
With its headquarters located on Hope Rd. in St. Andrew, SSL faces major backlash, with all business activities frozen while the investigations take place.
Usain Bolt is an eight-time Olympic champion and the world record holder in the men’s 100m and 200m. He retired from the sport in 2017 and has been involved in many commercial and entrepreneurial ventures in retirement, as well as becoming a music producer. His reported net worth is USD $90 million.