Attorney Linton Gordon
By Clinton McGregor
Lawyers representing sprint legend Usain Bolt have written to the management of Stocks and Securities Limited (SSL) threatening legal action if the entity fails to return his US$12 million investment in the financial institution.
In a letter to the SSL on Monday, Bolt's attorneys Frater, Ennis and Gordon argued that as of October last year, the former athlete had US$12.7 million in his account at the financial institution.
According to the attorneys, they have been informed that Bolt's account has been significantly depleted since then, and the balance is now US$12,047.
Lead attorney Linton Gordon told Radio Jamaica News that Bolt is outraged and wants a full return of his investment, which the sprinter said was for his retirement as well as the protection and maintenance of his parents.
Mr. Gordon said the letter to SSL states that the company has 10 days in which to return the funds, failing which, civil and criminal proceedings will be launched in court.
The attorney said his team is also contemplating legal action against the Financial Services Commission for its failure to protect the interest of Bolt and other investors.
Mr. Gordon said it was unacceptable that the regulatory agency did not inform investors of the discrepancies at SSL, calling it a "failure to supervise, to direct and to ensure proper procedure, if not, a refusal to enforce the law that they are established to enforce".