Jamaica probes fraud allegations at private investment firm

Jan 12, 2023, 9:11 PM | Updated: Jan 13, 2023, 11:58 am

SAN JUAN, Puerto Rico (AP) — Financial authorities in Jamaica said they are investigating allegations of fraud at Stocks & Securities Ltd., a private wealth management company based in the capital of Kingston.

The company’s clients include Usain Bolt, one of the world’s greatest sprinters, according to a local newspaper, The Jamaica Gleaner. Bolt’s manager, Nugent Walker, was quoted as saying that Bolt has invested with the company for more than a decade and that his entire portfolio is being reviewed after he noticed discrepancies in his account.

The company did not immediately respond to a request for comment on Friday.

Jamaica’s Financial Services Commission said Thursday that it is scrutinizing all transactions at the company, which can remain in opeation but with government oversight and approval as the investigation continues.

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Jamaica probes fraud allegations at private investment firm