The more information drips about the SSL fraud, the spookier the situation looks. The latest from Bolt is it is doubtful whether he will be able to recover any of the money fleeced from his nest egg.
According to information shared by Jamaica Observer, the nerve-racking details on the SSL fraud were delivered to Bolt’s management team last week shortly before SSL publicize details about the massive fraud sources believe amounts to more than Ja$1.2 billion.
Usain Bolt is among some 30 people whose investments at the company are alleged to have been fleeced by an employee.
On Thursday, January 12, 2023, SSL management informed the public that it had become shockingly aware of fraudulent activities initiated by a former employee.
The company said subsequent to its internal investigations, it promptly referred the incident to the appropriate law enforcement agencies to facilitate thorough and complete investigations into the matter.
“To ensure this, we have taken steps to secure those assets and strengthened internal protocols to detect suspicious activity in the shortest time possible.” The company also said it would “continue to liaise and cooperate fully with law enforcement throughout this investigation and ensure that the responsible party faces the full consequence of the law.”
SSL management
Over the weekend, the Observer source revealed that SSL had been aware of the fraud since August 2023. However, the company still employed the employee suspected of committing the fraud up to last Wednesday.
And that was the same day Bolt’s management team met with SSL representatives. They had requested a meeting last December subsequent to the Olympian’s yearly review of his financial portfolio. At that point, he had noticed the discrepancy.
According to the Observer source, Bolt opened the account in 2012 and has yet to make any withdrawals. His initial investment is said to be just shy of US$10 million. However, the source stated that only US$2,000 remains in the account.
Given all the information available thus far, one wonders whether SSL is a legitimate business. There are too many holes in their story. For example, it’s alleged that the SSL was aware of the Fraud as long as August 2022. But Usain Bolt, among other investors, was not informed of the Fraud. Such behavior seems unbecoming of legitimate and transparent business practices.