Attorney-at-law Linton Gordon who is representing sprint legend Usain Bolt in the case surrounding allegations of a multi-million dollar fraud at investment company, Stocks and Securities Limited, SSL says the Financial Services Commission, FSC failed in its duty to regulate the entity.
Several clients of SSL, including Mr. Bolt have been affected by fraudulent activity, allegedly carried out by a former employee of SSL.
Bolt’s legal team is demanding that the money taken from his account be returned by January 28.
Speaking to Irie FM News this morning (January 20), Mr. Gordon said his law firm has written to the FSC, highlighting among other things, the commission’s failure to protect members of the public.
He said if the FSC had been carrying out its duty, Mr. Bolt would not be in the current situation.
Mr. Gordon described the situation as an embarrassment for the country.
The Financial Services Commission has also come under scrutiny from other public officials and entities.
The Executive Director, Everton McFarlane has since resigned.