San Juan: An investigation into a private investment firm in Jamaica where USD 12.7 million belonging to sprinter Usain Bolt is missing has sparked criticism over the government's handling of the case, with one top official forced to resign amid one of the largest fraud scandals to hit the Caribbean island. Everton McFarlane, who until recently was executive director of Jamaica's Financial Services Commission, went on leave Friday and will step down January 31, officials said.
A top official with Bank of Jamaica will take his place as the investigation continues into Stocks and Securities Limited, a firm based in the capital of Kingston. "There will be full transparency," Finance Minister Nigel Clarke said late on Thursday, adding that he was disgusted by what the investigation into the alleged fraud hac revealed so far. No stone will be left unturned in unearthing exactly how funds were allegedly stolen, who benefited from such theft and who organized and collaborated in this," he said.
Authorities have not said exactly how much money overall is missing. The investigation began after Stocks and Securities Limited sent authorities a letter January 10 alerting them that a manager had apparently committed fraud. Days later, lawyers for Bolt said the money in his account had dwindled from nearly USD 12.8 million to USD 12,000. Clarke said a preliminary investigation found that a number of elderly clients also have been defrauded. He said that authorities are trying to determine whether any items have been bought with proceeds of the alleged fraud and that the government will seek full forfeiture of them. "We empathise with all investors who have been impacted by this," he said.
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