Usain Bolt among SSL fraud victims to receive partial payout

Usain Bolt’s company, Welljen Limited, is among roughly 40 clients set to receive payouts from the Stocks & Securities Limited (SSL) Victims’ Compensation Fund beginning Monday, trustee Caydion Campbell confirmed in a report by The Sunday Gleaner.

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The payments mark the first disbursements in one of Jamaica’s largest financial fraud cases, which saw an estimated US$30 million (J$5 billion) siphoned from more than 200 clients, including US$6.2 million (J$950 million) belonging to Bolt’s company. Campbell said he has signed off on the initial distributions alongside the court-appointed Committee of Inspection, following months of verification delays.

“Fourteen Tier 1 claimants will receive a total of $61 million beginning on August 25,” Campbell said, noting that another 26 Tier 2 claimants will receive roughly $14 million the following week. The 40 beneficiaries fall into the category of off-balance-sheet affected trust claimants, whose funds were held outside SSL’s formal accounts.

Campbell stressed that early payments were delayed to ensure all legitimate claims were fairly captured. “This might very well be the only source of funds for some of the claimants, so we just wanted to make sure we capture as many persons,” he said. At present, the fund holds $79 million, while approved claims total $1.7 billion, meaning victims will recover only a small fraction of their losses for now.

Asked specifically whether Bolt’s company would receive funds, Campbell confirmed: “To avoid any mischief, I can confirm a distribution is to be made to Welljen. No further comments.”

Welljen’s attorney, Linton Gordon, welcomed the disbursement but emphasized it remains only a partial recovery. “Payments being made are just a fraction of what persons have lost, and it’s just the start,” he said, declining to disclose the specific amount Welljen will receive.

Bolt has publicly rejected suggestions that he was negligent in his dealings with SSL, noting the brokerage was licensed by the Financial Services Commission and counted several state entities among its clients. Welljen filed a lawsuit against SSL and former client relations manager Jean-Ann Panton to recover damages of US$6.2 million, or US$12.7 million based on one of the last statements received in 2022.

Meanwhile, Panton, who has been in custody since February 2023, is set to stand trial on May 4, 2026. She faces a 22-count indictment including forgery, larceny as a servant, and engaging in transactions involving criminal property.

The Financial Services Commission had flagged SSL as far back as 2017 for “a culture of non-compliance and mismanagement of client funds.” Months of public frustration, including from Bolt himself, prompted pressure on the winding-up process, which Campbell assumed in May last year after a court ended government oversight of the company.