Jamaica’s authorities has turned to the FBI for assist because it investigates a large fraud case involving a personal funding agency the place $12.7 million US belonging to famend sprinter Usain Bolt has gone lacking. The fraud lasted 13 years and in addition ensnared aged shoppers and authorities companies. Authorities do not but understand how a lot was stolen.
Attorneys for Bolt, who stated the star athlete’s account has dwindled to only $12,000, have given the funding agency till Friday to return the cash earlier than going to court docket.
The authorities additionally requested different worldwide companions it didn’t determine for assist in investigating one of many island’s largest fraud instances, Finance Minister Nigel Clarke stated Monday.
“The anger and unease all of us really feel have been magnified by the lengthy length — 13 years — over which the fraud was allegedly perpetrated, and the truth that the [suspects] appeared to have intentionally and heartlessly focused aged individuals, in addition to our a lot cherished and revered nationwide icon Usain Bolt,” Clarke stated.
The investigation into Kingston-based Stocks and Securities Limited is simply beginning, so it is not instantly clear precisely how a lot cash was allegedly stolen or how many individuals had been affected. Clarke stated shoppers got false statements concerning their balances as a part of the alleged fraud.
Government companies additionally invested hundreds of thousands
Government companies together with the National Health Fund, Jamaica’s Agricultural Society and the National Housing Trust additionally invested hundreds of thousands of {dollars} in Stocks and Securities Limited, Clarke stated.
Jamaica’s Financial Services Commission started investigating after the corporate alerted authorities this month {that a} supervisor had apparently dedicated fraud.
Since then, the fee’s director has resigned, and Clarke has positioned the Bank of Jamaica in control of regulating the island’s monetary system.
“There isn’t any have to panic,” he stated. “Despite this most unlucky improvement, Jamaica’s monetary sector stays robust.”
The firm has not returned emailed requests from The Associated Press searching for remark.
Clarke stated authorities are working to uncover each element of the alleged fraud.
“They will unearth precisely how funds had been allegedly stolen, who benefitted from such theft and who organized and collaborated on this,” he stated.
Clarke stated the federal government additionally will search forfeiture of any belongings which may have been purchased with the alleged stolen funds. He added that the federal government will quickly approve stiffer penalties for white-collar crimes.
“If you rob depositors otherwise you defraud traders and you place our monetary system and our lifestyle in danger, the Jamaican society desires you place away for a very long time,” he stated.
