Reports out of Kingston, Jamaica that global sports icon Usain Bolt may have lost millions of dollars from his account with an investment firm in that country, brings sharply into focus the regulation of financial services companies, not only in Jamaica but across the region.The retired multi-Olympic gold medallist, who was said to have earned more than BDS $120 million in a single year during the height of his career, has apparently been the victim of what is alleged to be a massive fraud at the Jamaican investment firm Stocks and Securities Limited (SSL).As expected, that country’s Financial Services Commission has jumped in, ordering an immediate investigation, while SSL’s management told Jamaican media, it had called in the police, pointing an accusing finger at a former employee.Given the international brand of Bolt, the story has been picked up by media around the world, who are now following the developments very closely.This too comes after The Bahamas financial services sector was plunged into the global spotlight following the spectacular collapse of international cryptocurrency exchange firm FTX, which was registered there. It led to the arrest and extradition to the United States of America of its disgraced founder American Sam Bankman-Fried.
