Usain Bolt fires business manager over Jamaica fraud case

SAN JUAN, Puerto Rico (AP) — Jamaican sprinter Usain Bolt told reporters on Friday he was embarrassed by the loss of $12.7 million from a local private investment firm. Ten years ago.

Bolt also said he fired the business manager, adding that it was not an amicable split.

When asked if he was “broken,” the retired star laughed.

“I’m not broke, but it definitely puts me down,” he said. “It was for my future. Everyone knows I have three children. I still care about my parents, but I still want to live well.” “

Bolt’s attorneys say the athlete’s account with Kingston-based Stocks & Securities Limited has dropped from about $12.8 million to about $12,000. or was given to face civil and criminal proceedings.

It was not immediately clear if any action was taken as of late Friday. Attorney Linton P. Gordon did not return messages for comment.

He told the Jamaica Observer that the public should expect “the expected and the unexpected” of the incident.

“I have nothing to say at this stage given what’s going on,” he was quoted as saying. “We are meeting with some people and working on specific issues.”

Earlier this week, Jamaica’s Finance Minister Nigel Clark announced that the director of the Financial Services Commission had resigned and that the Bank of Jamaica would be responsible for regulating the island’s financial system.

He said several government agencies and older customers were also affected by the alleged fraud.

“It’s always a sad situation. Definitely disappointed,” Bolt said of the affected seniors.

Jamaican authorities have sought assistance from the FBI and other unidentified international experts, adding that clients have received false reports about their balances as part of their suspicion of fraud. Authorities have yet to reveal the total number of clients affected and how much money was lost in total.

Earlier on Friday, Bolt spoke at a sponsored luncheon about the upcoming relay and mentioned an alleged scam.

“As you know. I’ve had a rough week and a few weeks,” he said, adding that he will continue to do everything he can to revive his island.

“Jamaica is my country, no matter what is happening now. It will never change,” he said.

Apart from reporters, he said:

Stocks and Securities Limited did not return messages for comment on Friday. The company contacted authorities earlier this month to warn them that the manager had apparently committed fraud.

Earlier this week, Jamaican Prime Minister Andrew Holness announced that his administration would not bail out the company.

“Governments do not socialize any debt, nor do they socialize bank failures,” he said.

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