Sprint legend Usain Bolt has voiced his frustration over the lack of action by the Jamaican Government regarding the US$6.2 million (J$950 million) that was defrauded from his investment account at Stocks & Securities Limited (SSL). Speaking on The Fix podcast, Bolt expressed disappointment that after two years, there has been no progress in recovering his money. “A the Government alone can really do anything big about this,” he said, emphasising that he expected more support, given his contribution to Brand Jamaica. 

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Bolt considers escalating SSL issue to recover his US$6.2M

Jamaica Gleaner/11 Feb 2025/Kimone.francis@gleanerjm.com

TRACK AND field legend Usain Bolt says he will not remain silent for much longer after waiting two years without any clarity on the status of US$6.2 million (J$950 million) that was defrauded from his company’s account at investment firm Stocks & Securities Limited (SSL).

The world record holder in the men’s 100m and 200m sprints has also expressed disappointment that the Jamaican Government, as he puts it, has not done more to ensure he recovers the funds invested under his holding company Welljen, given his contribution to Brand Jamaica.

“It tough fi know seh it happen and then this a gwaan this long. This kind of make me look on who I am and which part mi think mi did deh pon the food chain inna Jamaica,” the World and Olympics champion said on The Fix podcast aired yesterday via Youtube.

“... It lick mi for six,” Bolt told hosts Naro Hart, Arianne ‘Ari’ Hammond, and Javi Morgan about the ordeal which The Gleaner reported in January 2023.

Recalling that he was in the middle of a personal care session, Bolt said his manager and close friend Nugent Walker contacted him with the news that left him shell shocked.

The sprint icon is among more than 30 clients defrauded at the problem-plagued firm, which had come up on the state-run Financial Services Commission’s radar for several infractions that were never brought to the public.

The multimillion-dollar fraud and irregularities which were uncovered at the company in January 2023 ballooned past US$30 million, or J$4.7 billion, with a probe into SSL’S affairs determining that more than 200 accounts were impacted.

Bolt’s company initially invested the US$6.2 million, which reportedly grew to US$12.7 million.

“It lick mi hard, brother, and then over time, how it has progressed, what mi a expect, mi nuh get or what mi think mi would see or the help mi would get from certain people and nuh see it, mi a seh Jah, Jah,” he said, noting that help was anticipated from the Government.

“A the Government alone can really do anything big about this. A them a the only persons con go in and say, ‘This need fi fix’,” Bolt said.

Asked how active the Government has been in the matter, he chuckled, noting that two years have passed without any progress.

In January 2023, former Finance Minister Dr Nigel Clarke told the country that investigators, led by the Financial Investigations Division (FID), were “resolute and

determined” to unravel the complexity of the fraud and bring the wrongdoers to justice.

At that time, he admitted that the SSL scandal, which had quickly gathered momentum, risked tarnishing Jamaica’s reputation globally.

Clarke also announced that international investigations firm, the United Kingdom-based KROLL Associates would conduct a forensic audit of SSL and provide a report to the authorities in November 2023, which it did.

However, in an update in April 2024, Clarke disclosed that any recovery of the stolen funds could only come after a criminal conviction.

“Any recovery could only come by way of identification and pursuit of the proceeds of the fraud in accordance with Jamaica’s Proceeds of Crime Act (POCA),” he said, noting that the FID, through its Asset Recovery Agency, is empowered under POCA to deal with criminal proceeds.

Since that time, Welljen has filed a lawsuit against SSL and Jean-ann Panton, a former client relationship manager at SSL.

Panton is the only person charged in the matter so far. She is facing a 21-count indictment after being charged with forgery, larceny as a servant, and engaging in a transaction involving criminal property.

Still, Bolt believes that the Jamaican Government can use its muscle to have his funds returned.

He said he has had several conversations with government members but declined to confirm whether that included Prime Minister Dr Andrew Holness.

“There has been conversations, but nothing has materialised out of those conversations. Personally, if they were doing enough, it would have reached somewhere already,” said Bolt.

Further, he is not convinced that Panton should be the only one facing charges.

“All this money missing and it’s one somebody know about it? One somebody can’t move around [so much money] and nobody else knows about it in a big institution where it’s supposed to be regulated,” Bolt said.

He said he has chosen to remain silent on the matter, declining requests from international media for interviews, to protect Jamaica’s image.

He believes speaking on the matter would hurt the country.

“At some point, mi affi start say something. Clearly, it look like if mi nuh apply pressure or do some things or start make whole heap of questions start ask [or] mi naah go get back nothing,” he said, acknowledging that he has felt the support of average Jamaicans.

“The more international press you get ... . Sorry for Jamaica, but mi affi get back mi money,” he added.

He said the matter has caused him and his team to be more vigilant financially, scrutinising the accounts that he still maintains locally.

He said he has not invested new money locally.

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