As the saga unfolds in the multi-billion dollar fraud allegations against brokerage firm Stock & Securities LTD., lawyers representing track star turned dancehall producer Usain Bolt, whose retirement funds were also allegedly swindled away, have sent a strongly worded letter to the company demanding full payment of the sums owed.
The letter by law firm Frater, Ennis & Gordon outlined that up to the 31st of October 2022, Bolt had received a statement showing that he had US$12, 758,181.74 in the account but that sun was quickly depleted to US$12,047.65. As a result Bolt is demanding full payment by January 27, otherwise he will proceed with legal action.
The 100m Olympic and world record holder turned music producer was is in a “black-out” mood yesterday as he grapples with the reality that his money may not be returned.
Nugent Walker, Bolt‘s manager, first confirmed the situation to The Gleaner, adding that Jamaica’s Financial Investigations Division and Financial Services Commission are investigating Investment firm, Stocks and Securities Limited [SSL]. The iconic athlete, who is known for setting the 100–metre record at 9.58 seconds at the 2009 IAAF World Championships, has seen his funds move from a reported 10 million to just $2000.
Walker told The Gleaner that all the necessary steps have been taken to investigate the alleged fraud, and they are reviewing the portfolio of the individual in question.
Bolt and an unnamed sitting Jamaican Member of Parliament are among the more than 30 people whose investments at SSL are believed to be among those fleeced by the wealth advisor.
Bolt posted a blackout screen with the soundtrack of his latest single “Cryptic World” on his instagram on Monday with the caption: “In a World of Lies….Where is the Truth? The History Evil….What is the Root?…MONEY #CrypticWorld”
