Tue | Dec 5, 2023

Bolt accuses FSC of negligence

Published:Thursday | January 19, 2023 | 6:01 PM
 “The FSC should bear responsibility to some extent, if not entirely, because all along they kept quiet and did not alert the public, including Usain Bolt, to the fact that SSL was not operating in a way compliant with the law."

Attorneys for sprint legend Usain Bolt have written to the Financial Services Commission (FSC), accusing the regulatory body of playing a role in him losing over US$12 million in the recently discovered multi-million dollar fraud at Stocks and Securities Limited (SSL).

Last week, SSL disclosed that several of its clients were allegedly fleeced of millions of dollars in local and foreign currencies given to the firm to invest.  

Linton Gordon, Bolt's lawyer, today confirmed that the letter was sent to the FSC alleging that the regulatory body is liable and that it failed to perform its duty in accordance with the Financial Services Commission Act.

 “They should bear responsibility to some extent, if not entirely, because all along they kept quiet and did not alert the public, including Mr Bolt, to the fact that the company was not operating in a way compliant with the law,” Gordon told The Gleaner.

“It's 10 years now they say they have been red flagging this company. Had he known that, he would have withdrawn his money and he would not have lodged any more.”

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