Bolt’s lawyer calls out ‘victim-blaming’, says gov't 'failed' to protect SSL investors

Usain Bolt's attorney has condemned "efforts" to blame the sprint icon for his financial loss while absolving the Government of its "failure" to protect Jamaicans from an investment firm that managed to survive years of alleged wrongdoing without losing its licence.

"There now appears to be an organised effort to shift blame onto The Honourable Usain Bolt for his loss—when he is guilty of nothing more than investing in the country that he loves," said Linton Gordon in a statement Friday on the latest in the Stocks and Securities Limited (SSL) fallout.

He continued: "This is a textbook case of victim-blaming and it appears to be an attempt to absolve the government of its failure to protect the public and those defrauded by SSL. Even more concerning is the apparent attempt to silence victims and manipulate the narrative about who is truly responsible for this large-scale fraud, which has left hundreds of Jamaicans without their hard-earned money and no clear path to recovery."

Gordon's statement comes amid growing public frustration over the pace of the investigation and perceived lack of accountability in the two years since the alleged fraud was reported to the authorities in January 2023.

His remarks follow Bolt's recent interview on 'The Fix' podcast, where he expressed his disappointment with the Government's handling of the situation and hinted at taking further action.

Gordon denied allegations that Bolt’s company, Welljen Ltd., did not properly transfer funds to SSL.

“The allegations being circulated in the public that not all of Usain Bolt’s funds that were sent to Stocks & Securities Limited were received by the institution are false, baseless, and entirely without credibility,” Gordon stated. "All funds lodged at SSL by Bolt’s company were transferred via bank transactions and each and every payment was acknowledged by the institution in writing."

Gordon pointed to court evidence given by Ken Tomlinson, the temporary manager appointed by the Financial Services Commission (FSC) to support his point.

Tomlinson told the Supreme Court last year that Bolt's principal investment of US$6.2 million ($950 million) was "validated" as having been defrauded from the company's account at SSL. Bolt said statements he received up to late 2022 showed that he had investments totalling US$12.7 million.

Gordon has also condemned suggestions that Bolt was careless in his dealings with SSL.

“The notion that Bolt was negligent in making these deposits is entirely unfounded,” he declared. “The Prime Minister of Jamaica, the Government of Jamaica, and hundreds of Jamaican citizens invested in SSL—an institution which was approved and regulated by the government. To suggest that Bolt was careless or lacked proper financial management is to imply the same about every Jamaican who has invested in a government-approved financial institution.”

The lawyer noted that SSL operated under an annual licence issued by the FSC, the government entity that regulates investment houses, pension funds, among others.

Holness confirmed in the early days of the SSL fraud scandal he gave instructions in September 2021 for an account he held at SSL to be closed. It was opened in 2008. Five public bodies – the National Housing Trust, the National Insurance Fund, Jamaica Agricultural Society, the National Health Fund and the Jamaica Banana Catastrophe Fund – also held investments through SSL.

Bolt's comments on 'The Fix' podcast were his most expansive and intense public utterances since the fraud case became public in January 2023.

He said he has declined numerous international media requests to discuss his loss out of love for his country, but that his patience is wearing thin. "Clearly, it looks like if me no apply some pressure or do something or start make whole heap o’ questions being asked, me nah go get back nutten,” Bolt stated.

Those comments appeared to have upset some persons, including supporters of the ruling Jamaica Labour Party. Bolt's lawyer said some of the comments are being reviewed to determine what legal actions are available.

Gordon also expressed concern that confidential details about Welljen's accounts are being reported in the media. He said reports done by experts from the United States and United Kingdom have also not been shared with him or Bolt.

Bolt's former client relationship officer at SSL, Jean-Ann Panton, is the only person charged in the matter so far.

The FSC has faced serious questions about its oversight. The Gleaner revealed in January 2023 that for more than a decade, the FSC flagged SSL as a “problem institution” with a “culture of non-compliance and mismanagement of client funds”. However, despite the findings from its own investigators, the FSC never revoked SSL’s licence and the public and potential investors were never told of the concerns.

Former Finance Minister Dr Nigel Clarke had also disclosed in January 2023 that his office received a report from the FSC on SSL in April 2020. "The referenced report was never, ever, brought to my attention," he said, before later on announcing a series of policy changes on how investment houses will be regulated.

The bankrupt SSL was renamed from Paul Chen-Young & Company in 2006.

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