Jamaica: FBI to help probe massive fraud case targeting Bolt
Jamaica’s government has turned to the FBI for help as it investigates a massive fraud case involving a private investment firm where $12.7 million belonging to renowned sprinter Usain Bolt has gone missing
SAN JUAN, Puerto Rico (AP) — Jamaica’s government has turned to the FBI for help as it investigates a massive fraud case involving a private investment firm where $12.7 million belonging to renowned sprinter Usain Bolt has gone missing. The fraud lasted 13 years and also ensnared elderly clients and government agencies. Authorities don’t yet know how much was stolen.
Attorneys for Bolt, who said the star athlete’s account has dwindled to just $12,000, have given the investment firm until Friday to return the money before going to court.
The government also asked other international partners it did not identify for help in investigating one of the island’s largest fraud cases, Finance Minister Nigel Clarke said Monday.
“The anger and unease we all feel have been magnified by the long duration — 13 years — over which the fraud was allegedly perpetrated, and the fact that the (suspects) seemed to have deliberately and heartlessly targeted elderly persons, as well as our much loved and respected national icon … Usain Bolt,” Clarke said.
The investigation into Kingston-based Stocks and Securities Limited is just starting, so it’s not immediately clear exactly how much money was allegedly stolen or how many people were affected. Clarke said clients were given false statements regarding their balances as part of the alleged fraud.
Government agencies including the National Health Fund, Jamaica’s Agricultural Society and the National Housing Trust also invested millions of dollars in Stocks and Securities Limited, Clarke said.
Jamaica’s Financial Services Commission began investigating after the company alerted authorities this month that a manager had apparently committed fraud.
Since then, the commission’s director has resigned, and Clarke has placed the Bank of Jamaica in charge of regulating the island’s financial system.
“There is no need to panic,” he said. “Despite this most unfortunate development, Jamaica’s financial sector remains strong.”
The company has not returned emailed requests from The Associated Press seeking comment.
Clarke said authorities are working to uncover every detail of the alleged fraud.
“They will unearth exactly how funds were allegedly stolen, who benefitted from such theft and who organized and collaborated in this,” he said.
Clarke said the government also will seek forfeiture of any assets that might have been bought with the alleged stolen funds. He added that the government will soon approve stiffer penalties for white-collar crimes.
“If you rob depositors or you defraud investors … and you put our financial system and our way of life at risk, the Jamaican society wants you put away for a long time,” he said.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
State-Journal.com’s comments forum is for civil, constructive dialogue about news topics in our community, state, nation and world. We emphasize “civil” at a time when Americans, in the words of the current president, need to “turn down the temperature” of political debates. The State Journal will do its part by more carefully policing this forum. Here are some rules that all commenters must agree to follow:
Absolutely no attacks on other commenters, on guest columnists or on authors of letters to the editor. Our print and online opinion pages are sacred marketplaces of ideas where diverse viewpoints are welcome without fear of retribution. You may constructively critique the ideas and opinions of others, but name-calling, stereotyping and similar attacks are strictly prohibited.
Leeway will be given for criticism of elected officials and other public figures, but civility is essential. If you focus your criticism on ideas, opinions and viewpoints, you will be less likely to run afoul of our commenting rules.
Keep comments focused on the article or commentary in question. Don’t use an article about the Frankfort City Commission, for example, to rant about national politics.
Hyperpartisanship that suggests anyone on the other side of an issue or anyone in a particular particular party is evil is not welcome. If you believe that all Democrats are socialists intent on destroying America or that all Republicans are racists, there are lots of places on the internet for you to espouse those views. State-Journal.com is not one.
No sophomoric banter. This isn’t a third-grade classroom but rather a place for serious consumers of news to offer their reactions and opinions on news stories and published commentary.
No consumer complaints about individual businesses. If you’ve had a bad experience with a private business or organization, contact the Better Business Bureau or the government agency that regulates that business. If you believe the actions of a private business are newsworthy, contact us at news@state-journal.com and we will consider whether news coverage is merited.
Absolutely no jokes or comments about a person’s physical appearance.
No promotion of commercial goods or services. Our outstanding staff of marketing consultants stands ready to help businesses with effective advertising solutions.
If you state facts that have not been previously reported by The State Journal, be sure to include the source of your information.
No attacks on State Journal staff members or contributing writers. We welcome questions about, and criticism of, our news stories and commentary but not of the writers who work tirelessly to keep their community informed. Corrections of inaccurate information in news stories should be sent to news@state-journal.com rather than posted in the comments section.
Post a comment as anonymous
Report
Watch this discussion.
(0) comments
Welcome to the discussion.
Log In
State-Journal.com’s comments forum is for civil, constructive dialogue about news topics in our community, state, nation and world. We emphasize “civil” at a time when Americans, in the words of the current president, need to “turn down the temperature” of political debates. The State Journal will do its part by more carefully policing this forum. Here are some rules that all commenters must agree to follow:
Absolutely no attacks on other commenters, on guest columnists or on authors of letters to the editor. Our print and online opinion pages are sacred marketplaces of ideas where diverse viewpoints are welcome without fear of retribution. You may constructively critique the ideas and opinions of others, but name-calling, stereotyping and similar attacks are strictly prohibited.
Leeway will be given for criticism of elected officials and other public figures, but civility is essential. If you focus your criticism on ideas, opinions and viewpoints, you will be less likely to run afoul of our commenting rules.
Keep comments focused on the article or commentary in question. Don’t use an article about the Frankfort City Commission, for example, to rant about national politics.
Hyperpartisanship that suggests anyone on the other side of an issue or anyone in a particular particular party is evil is not welcome. If you believe that all Democrats are socialists intent on destroying America or that all Republicans are racists, there are lots of places on the internet for you to espouse those views. State-Journal.com is not one.
No sophomoric banter. This isn’t a third-grade classroom but rather a place for serious consumers of news to offer their reactions and opinions on news stories and published commentary.
No consumer complaints about individual businesses. If you’ve had a bad experience with a private business or organization, contact the Better Business Bureau or the government agency that regulates that business. If you believe the actions of a private business are newsworthy, contact us at news@state-journal.com and we will consider whether news coverage is merited.
Absolutely no jokes or comments about a person’s physical appearance.
No promotion of commercial goods or services. Our outstanding staff of marketing consultants stands ready to help businesses with effective advertising solutions.
If you state facts that have not been previously reported by The State Journal, be sure to include the source of your information.
No attacks on State Journal staff members or contributing writers. We welcome questions about, and criticism of, our news stories and commentary but not of the writers who work tirelessly to keep their community informed. Corrections of inaccurate information in news stories should be sent to news@state-journal.com rather than posted in the comments section.