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In our previous article about the Usain Bolt/SSL Saga there were two possibilities listed as to what may have happened, and according to the latest information out of Jamaica is that “Someone at Stocks and Securities Limited (SSL) with complete access to Usain Bolt’s account did the deed, and that someone is above the executive rank of CEO.

Before writing this article we wish to inform you the reader that an extensive search was done in the Webster dictionary to find a word that has a meaning that describes a situation that is beyond the definition of extremely-bizarre.

Considering the possibilities, the word on street and social media is begging Jamaican authorities “to not allow anyone above CEO level at SSL to leave Jamaica”.

According to a letter from Usain Bolt’s attorney, addressed to SSL’s senior management, Bolt’s attorney ‘Gordon P Lipton’ indicated that on October 31st. 2022 SSL’s  top leaders communicated to Bolt that the account balance was $12,758,181.74 USD.’

Former CEO’s Didn’t Know Bolt As A Client

Zachary Harding was the CEO at Stocks and Securities Ltd. from October 2019 to June 2022.
He told the Gleaner newspaper that he did not know that Usain Bolt was a client of SSL, and Bolt’s name was never mentioned during executive meetings, which included the Chairman and Founder of SSL.

Another former CEO at SSL ‘Lamar Harris’ (March 2018 to June 2022)  also did not know that Usain Bolt was a client, ( Usain Bolt account was the firms largest portfolio)

Over the weekend of Saturday/Sunday (January 21-22) the Financial Services Commission (FSC) held a press conference. The most prevalent information from that press conference is that reporters feel that their questions were vaguely answered and the trend is to believe that the FSC and Jamaican Law Enforcement authorities are on the verge of major arrests, and therefore the response to reporters questions were vague.

The Very Bizarre
In early January of 2023 an SSL employee presented a list of fraudulent activity to authorities; that was signed by a Justice of the Peace. That information is equivalent to making a sworn affidavit that implicates herself as the sole perpetrator of the fraud; even prior to investigators questions . Thus far as of today (Jan 23rd.) the authorities in Jamaica have not brought any charges against her.

The fraudulent activity at SSL has been happening for almost a decade, wherein clients were lied to about their account balance when they requested a statement. Those statements in ‘digital or printed paper format’ were not the true balance in their account.

The Usain Bolt/SSL Saga | to be continued . . . part 1 | part 2 | part 3 |

Written & Compiled by: channel1Belize.com / digitalBelize,LIVE | digitalCaribbean.LIVE | Staff writer – Monday, January 23rd. 2023 – channel1belize@gmail.com

last updated: 8.50pm. Thursday, January 19th. 2023

last updated: 8.50pm. Thursday, January 19th. 2023

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The word on the street and among financial technocrats is that
(a) Someone with complete access to Usain Bolt’s account made a very bad investment in some very risky-shark-tank type investment and lost all of Bolt’s money. . . .  or

(b) Someone, without proper authorization, was made to push an investment button in a very risky financial bet, of either stocks, derivatives, crypto, or an investment portfolio that comprised of very-high-risk components.

In most cases a wealth-manager would advise a client to not take high-risks, and especially the entire portfolio.

According to Mr. Bolt’s lawyer, he had over $12.7 million USD in his account in October 2022, and by early to mid January 2023 (about 90 days) his account had only $12,000USD, a decline of 99%.

As mentioned in our previous article ‘Where is Usain Bolt’s Millions‘,  wealth management firms are just what it says, Wealth Management’  they are not a bank, and do not keep the physical cash in a vault, they keep it in a bank account in Jamaica or the U.S, and access is, or would normally be with (various levels of) consent of the client.

Which brings to memory a story I read many years ago, of how a government/finance minister in the Caribbean lost $5million USD overnight (in less than 24 hours)  in the extremely risky world of currency-derivatives. 

That high-stakes trading didn’t work out the way his persuaders said it would, and the $5million USD vanished overnight.

The question then becomes, how much knowledge did Mr. Bolt have about, (a) When his money’s were being invested, and (b) How much approval did he give for those investment purchases.

Up to today, Thursday January 19th. 4pm. the word out of Kingston, Jamaica is that an investigation continues, but nobody has been arrested.

This would mean that the statement made by the Jamaican FSC director “we are investigating SSL’s exposure to . . . ” (is for you to read-the-tea-leaves) and realize that the 50 year old company ‘SSL’ which Bolt has been with for over ten years may not be the villain.

Late Thursday evening (January 19th.) information from Kingston is that the director of Jamaica’s FSC has resigned, and the operations of financial oversight in Jamaica is now spearheaded by Jamaica’s Central Bank (Bank of Jamaica).

Usain Bolt’s attorney ‘Linton P. Gordon’ has written a critical letter to the FSC and its lack of oversight, and critical of FSC’s enforcement of Jamaica’s investment laws. But no arrests has been made thus far.

In the Caribbean, a combination of innocents, ignorance and naivety about the world around us makes for ‘ripe pickings by informed global criminals and their financial operatives’ that know much more than you may realize, and may manipulate much more than you may think is possible.

to be continued in part 3. . . go to part 1 | part 3

World-Record Sprinter ‘Usain Bolt’ may have lost as much as $12.7-million USD as a result of improper investment management or fraud.

The company that is at the center of the investigation ‘Stocks & Securities Limited’ is a Jamaican financial services company, that from all current indications is a legitimate wealth management firm based in Kingston, Jamaica, and the company (SSL) encourages its clients to purchase stocks in Jamaican companies that are traded on the Jamaican Stock Exchange (JSE).

Astute observers have indicated that the physical cash in Mr. Bolt’s account would be in a Jamaican Bank or a U.S Bank, and SSL would then have certain levels of authority to move funds as authorized, and Mr. Bolt would have had to give power-of-attorney over all his account for it to have evaporated, or whomever placed Mr. Bolts funds in a declining investment scheme is responsible for the loss or thief; or ( a strange, mysterious and bizarre development has occurred).

SSL may be the victim of very-crafty international players, and are being cast’d as the villains. But Jamaican authorities (FSC) are investigating the case thoroughly and are reportedly looking at and investigating all the players in a scheme that caused 10s of millions of U.S dollars to be lost from their accounts in Jamaica.

Jamaica’s Financial Services Commission (FSC) has paused the trading operations of SSL, and said they were investigating SSL’s exposure to a complex fraud scheme that may have not been orchestrated by SSL.

Attorney at law Linton P. Gordon of ‘Frater Ennis & Gordon’ provided the Associated Press News (AP) with a copy of a letter written to SSL demanding that the monies be returned within 10 days.

But the cloudy web of the investigation also indicate that a long time manager of the company is also the focus, and that manager has retained the services of attorney at law ‘Tamika Harris’ and Associates.

SSL for its part has told the media in Jamaica that they are cooperating fully with the authorities.

There are reportedly more than 40 victims that have lost millions.
The attorney that represents Mr. Bolt told The Guardian (UK) that they are trying to recoup the money.

Written & Compiled by: channel1Belize.com / digitalBelize,LIVE | digitalCaribbean.LIVE | Staff writer – Wednesday, January 18th. 2023 – channel1belize@gmail.com