Officials in Jamaica have asked the FBI to assist in a widening probe into an alleged multi-billion fraud spanning more than a decade, which came to public attention with the disappearance of Olympic star Usain Bolt‘s $12.7 million retirement fund.
Jamaican Finance Minister Nigel Clarke said on Monday he had asked the FBI and other international partners to join the investigation of investment firm Stocks and Securities Limited (SSL).
Bolt’s attorney last week revealed that his investment account with SSL, representing a substantial fraction of Bolt’s estimated $90 million fortune, had inexplicably dwindled from $12.7 million to just $12,000.
SSL blames any discrepancies on a rogue former employee, but Clarke revealed that evidence suggests a long-running ‘pilferage’ scheme dating back to at least 2010, potentially involving billions in stolen client funds.
Officials in Jamaica have asked the FBI to assist in a widening probe into an alleged multi-billion fraud spanning more than a decade, in which Usain Bolt (above) is a victim
‘This fraud is one of the largest securities frauds in the last two decades,’ Clarke said at a press conference.
Clarke said the alleged fraud appears to have been ‘specifically targeted’ at certain SSL clients, who received statements for their investment accounts that did not match their actual balances.
Officials previously said a number of ‘elderly investors’ were among those allegedly targeted in the scam.
The finance minister said…
