Lightning fast Bolt’s money moved out of SSL as soon as it went in

AMAICAN track and field icon Usain Bolt pumped US$6 5 million into the investment firm Stocks and Securities Limited (SSL) between 2012 and 2017 but almostassoonasthemoney wasdeposited,itwasmoved outwithouthisknowledge.

A Jamaica Observer probe has uncovered that Bolt invested US$6.2 million in SSL in 2012 through a limited liability company named Welljen, which is believed to be an amalgamation of the first names of his parents WelleslyandJenniferBolt.

Another US$900,000 was added to Bolt’s account by2017.ButUS$5.8million was withdrawn from his account starting in 2012 throughchequesandcash.

In addition, US$90,000, which was lodged in the account between 2019 and 2022, was quickly withdrawn.

“The money withdrawn wouldhaveincludedinterest and dividend earned in addition to the nominal amount invested,” said an ObserversourceonSunday

The source provided the Observer with the portfolio holdings and liabilities statement, bearing SSL’s logo, allegedly sent to the Bolt team in September 2022, which showed fixed income of US$3,714 58 million, equities of US$7,415.06 million, and cash of US$918,000.01, and amounted to US$12,047.65 millioninthecompany.

Lawyers representing Bolt had sent a letter to SSL d e m a n d i n g t h a t US$12,758,181.74 the reported balance in his account at October 31, 2022 —berepaidbyJanuary27.

The attorneys also claimed that only US$12,000 remained in the account.

When the ultimatum expired last Friday, one of Bolt’s attorneys, Linton Gordon, told the Observer that they were in talks with the Financial Services Commission (FSC), which hastakencontrolofSSL,and it would be inappropriate to make any further comments atthetime.

In the meantime, local investigators have been joined by the US Federal Bureau of Investigation (FBI)astheprobecontinues intowhatisbelievedtobethe biggest fraud at a registered Jamaican financial institution.

The FBI late last week responded to questions from theObserverconfirmingthat i t h a s j o i n e d t h e investigation, but there was not much more in its terse response.

Among the issues which theinvestigatorsareprobing are 10 transactions between

July 2021 and May 2022 in which millions of dollars was taken from Bolt’s account and transferred to a bearer to purportedly buy blue-chipstocksinAmerican firms.

E-mail authorising the purchase of the stocks were purportedly sent by a previous member of Bolt’s management team to the former SSLemployee at the centre of the investigation, butObserversourcessaythe e-mail address from which the authorisations were sent wasfabricated.Additionally, the former management team member has strongly denied authorising the movementoffundsfromthe sprintlegend’saccount.

Bolt is one of at least 40 SSL clients whose investments were totally or almostwipedoutinthefraud estimatedtobemorethan$3 billionsofar

The issue, which has attracted international attentionprimarilyduetothe factthatBoltisavictim,has resultedintheFSCsendinga temporary manager into the company for oversight of its operations.

Additionally, a raft of reforms for the financial sector were announced last week by Finance Minister Dr Nigel Clarke, who also cashiered the FSC’s executive director and replaced him with the Temporary Manager Kerron Burrell.

Clarkealsoreplacedfour members of the FSC board withseniorBankofJamaica (BOJ) executives

Governor Richard Byles, who is now chairman; Wayne Robinson; Jide Lewis;andGeorgeRoper

Additionally,Clarketold thecountrythatinadditionto the FBI, forensic auditors from overseas will assist local law enforcement agencies with probing the fraud.

Late last Wednesday, Clarke disclosed that the FSC was successful in obtaining a court order blockingthedirectorsofSSL from winding up the company and liquidating assets.

According to Clarke, the membersofSSLhadapplied to the Companies Office of Jamaica for a members’ voluntary winding up of the firmonJanuary16,2023.

The court order bars the trustee and directors of SSL fromdisposingofordealing with assets and liabilities in SSL’s name; withdrawing, transferring, or otherwise dissipating any funds from accounts in its name wherever held; winding up or dissolving the company; orreorganisingthecompany or its operations, whether in document form or organisationof itsmembers, assets,andliabilities.