SAN JUAN, Puerto Rico (AP) — Jamaica’s government has turned to the FBI for help because it investigates a large fraud case involving a non-public investment firm where $12.7 million belonging to renowned sprinter Usain Bolt has gone missing. The fraud lasted 13 years and likewise ensnared elderly clients and government agencies. Authorities don’t yet understand how much was stolen.
Attorneys for Bolt, who said the star athlete’s account has dwindled to simply $12,000, have given the investment firm until Friday to return the cash before going to court.
The federal government also asked other international partners it didn’t discover for assist in investigating one in all the island’s largest fraud cases, Finance Minister Nigel Clarke said Monday.
“The anger and unease all of us feel have been magnified by the long duration — 13 years — over which the fraud was allegedly perpetrated, and the indisputable fact that the (suspects) looked as if it would have deliberately and heartlessly targeted elderly individuals, in addition to our much loved and revered national icon … Usain Bolt,” Clarke said.
The investigation into Kingston-based Stocks and Securities Limited is just starting, so it’s not immediately clear exactly how much money was allegedly stolen or how many individuals were affected. Clarke said clients got false statements regarding their balances as a part of the alleged fraud.
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Government agencies including the National Health Fund, Jamaica’s Agricultural Society and the National Housing Trust also invested hundreds of thousands of dollars in Stocks and Securities Limited, Clarke said.
Jamaica’s Financial Services Commission began investigating after the corporate alerted authorities this month that a manager had apparently committed fraud.
Since then, the commission’s director has resigned, and Clarke has placed the Bank of Jamaica accountable for regulating the island’s economic system.
“There isn’t a must panic,” he said. “Despite this most unlucky development, Jamaica’s financial sector stays strong.”
The corporate has not returned emailed requests from The Associated Press looking for comment.
Clarke said authorities are working to uncover every detail of the alleged fraud.
“They may unearth exactly how funds were allegedly stolen, who benefitted from such theft and who organized and collaborated on this,” he said.
Clarke said the federal government also will seek forfeiture of any assets that might need been bought with the alleged stolen funds. He added that the federal government will soon approve stiffer penalties for white-collar crimes.
“When you rob depositors otherwise you defraud investors … and you place our economic system and our lifestyle in danger, the Jamaican society wants you place away for a very long time,” he said.
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