The Jamaican financial institution that was at the center of the embezzlement scandal that ensnared Olympic sprinter Usain Bolt singled out one employee, alleging that she had allegedly defrauded 39 other clients and even requested a loan from Bolt’s management group to help conceal her scheme.
Bloomberg has reported that the person responsible for the alleged scheme asked Usain Bolt’s management team for a loan in order to help pay back other victims.
The former employee of Stocks & Securities Limited (SSL) wrote a confession believing she “could borrow the money from the Bolt management group to repay the other SSL clients.” SSL said the scheme has damaged clients and staff.
“The events that have unfolded have had tremendous adverse consequences for the affected clients, and for the hard-working staff at SSL,” the firm said.
SSL’s former client relationship manager, Jean-Ann Panton, gave a sworn affidavit to the Financial Services Commission detailing how she took funds from the investment firm for years, whom she worked with for 25 years.
Her scheme unraveled after Usain Bolt revealed he was missing $12 million from his account, making headlines around the world. The celebrated athlete made $33 million in endorsement deals in 2016 alone.
Stocks & Securities Ltd., headquartered in Jamaica, told Bloomberg it is still evaluating the total loss. “The firm’s insurance policy includes coverage for employee dishonesty and forgery with coverage up to $1 million,” SSL said. “Efforts are also being made to have the staffer commit to restitution.”
The scandal has caused a lot of changes for the country’s financial institutions and for Bolt’s team.
The director of the Financial Services Commission has resigned and has been replaced with Bank of Jamaica’s Governor Richard Byles, as reported by Bloomberg. Bolt has fired his business manager and is looking forward to moving past this “stressful” time.
“I will leave the matter in my lawyer’s hands and focus on my family, try not to think too much about it because it’s a stressful situation,” the 36-year-old Olympic champ and legendary runner said.