Jamaica under investigation after Usain bolt was harmed by a fraud scandal

SAN JUAN, Puerto Rico (AP) — An investigation into a private investment firm in Jamaica where $12.7 million belonging to sprinter Usain Bolt is missing has sparked criticism over the government’s handling of the case, with one top official forced to resign amid one of the largest fraud scandals to hit the Caribbean island.

Everton McFarlane, who until recently was executive director of Jamaica’s Financial Services Commission, went on leave Friday and will step down Jan. 31, officials said.

As the investigation continues into Stocks and Securities Limited (a Kingston-based firm), a top Bank of Jamaica official will replace him.

“There will be full transparency,” Finance Minister Nigel Clarke said late Thursday, adding that he was disgusted by what the investigation into the alleged fraud hac revealed so far.

“No stone will be left unturned in unearthing exactly how funds were allegedly stolen, who benefited from such theft and who organized and collaborated in this,” he said.

Authorities are not able to say how much money is missing.

Stocks and Securities Limited had sent authorities a Jan. 10 letter alerting them of a possible fraud by a manager. Bolt’s lawyers claimed that the money had been dwindled from almost $12.8 million down to $12,000.

Clarke claimed that preliminary investigations revealed that elderly clients had also been defrauded. He stated that authorities were investigating to see if any items were bought using proceeds from the fraud and that the government would seek full forfeiture.

“We empathize with all investors who have been impacted by this,” he said.

Jamaica’s Financial Services Commission regulates financial companies, including Stocks and Securities Limited, but many people are questioning why the alleged fraud wasn’t caught earlier.

When a local journalist asked McFarlane at a recent news conference whether the agency he led lacked oversight, he declined to answer and said, “I’ll take another question.”

McFarlane stated earlier this week that the agency took immediate actions after being alerted to the fraud. On Jan. 12, the commission banned the company from conducting any transactions without its approval, and it has since appointed a temporary manager to oversee the company’s daily operations.

Stocks and Securities Limited have not yet responded to messages requesting comment. It published a statement earlier in the week on its website, stating that clients should direct urgent questions to Financial Services Commission.

Bolt’s attorneys have said they will take civil and criminal action if his money is not returned by the end of next week. They didn’t immediately respond to a request for comment on Friday.

Bolt, the world record holder for the 100m, 200m and 4x100m, retired in 2017.