Editorial Staff
26/02/24 21:05

Editorial Staff
26/02/24 21:05

Bolt Awaits His Money

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Former sprinter Usain Bolt may not receive anything from the assets disbursed by the Stocks and Securities Limited assigned to date.

This is according to sources close to the management of assets in the Stocks and Securities Limited (SSL) fraud matter,

Apparently, the assets assigned to date are off balance sheet assets that are currently being addressed.

With regards to Bolt’s loss, the matter remains in court and will only be settled in that process.

In 2012, an account was created at SSL in the name of Bolt’s St Lucia-incorporated company, Welljen, which had $2 billion.

However, when Bolt checked the account in January, it had plummeted to J$1.8 million or US$12,000. Welljen’s case is being heard together with a suit filed by investor Jean Forde against SSL and 10 other defendants, including Panton and SSL’s founder Hugh Croskery.

Forde is alleging that she was defrauded of US$830,000, while Welljen’s case is against SSL and Panton.

The investigation into the matter is nearing completion, and the Financial Investigation Division (FID) anticipates a final meeting with the team of senior prosecutors within the next two to three weeks.

The FID has uncovered approximately 70 affected accounts, significantly more than the just over 40 affected accounts that had been reported at the initial phase.

The investigation also identified other fraudulent schemes at SSL, which have resulted in the misappropriation and/or loss of numerous investors’ funds amounting to over US$10 million.

The only individual charged in the $3 billion fraud court matter at SSL is Jean-Ann Panton.

However, the FID will charge other individuals as soon as appropriate. The next court hearing is scheduled for March.

The Financial Services Commission (FSC) has disbursed funds on request to over 200 clients amounting to $626 million.

As of February 16, 2024, over 1,000 client accounts totalling approximately $14.5 billion of local securities were transferred to facilitate access by SSL clients through brokers and institutions.

Client assets are currently grouped into four categories, which are cash, local securities, overseas securities, and promissory notes issued by SSL related companies.

The FSC says that significant progress has been made in dealing with cash and local securities.

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