The Importance of Financial & Investment Literacy.
- ophir-consultancy
- Dec 21, 2025
- 2 min read
It can happen to anyone!
In 2023, retired Olympic champion Usain Bolt announced that he had lost millions in an investment account that was managed by a Kingston-based Jamaican wealth management firm called 'Stocks and Securities Limited (SSL)'. Various sources have reported Bolt’s total loss to have been at about $12.8 million with US$6.2 of that loss being by Bolt’s company, Welljen Limited.
SSL was a full-service wealth management, investment, and advisory firm, which was founded in 1973. SSL’s leadership in 2023 included chairman Jeffrey Cobham and executive director Hugh Croskery, who is also the firm’s founder. SSL was regulated by the Financial Services Commission (FSC), and a member of the Jamaica Stock Exchange (JSE), so gave the impression of a reliable, trusted firm.
However, in January 2023, SSL alerted authorities to fraudulent activity by a former employee. The fraud was reported to have lasted 13 years and is the largest in Jamaica's history. It was later revealed that the former client relations manager at SSL was at the center of the criminal investigation and has been charged with orchestrating the fraud. She is set to stand trial in May 2026.
Clients were given false statements regarding their balances as part of the fraud, which affected numerous clients - including government agencies such as the National Health Fund, Jamaica’s Agricultural Society and the National Housing Trust. The fraud exceeded US$3 billion in value, and Usain's account was reported to have had just US$12,000 left in it, dwindled from nearly US$12.8 million.
The Financial Investigations Division of the Ministry of Finance also stated that it had found “questionable transactions” going back over a decade. Once the fraud came to light, the Jamaican government then requested assistance from the FBI for the probe. The company subsequently declared bankruptcy and entered receivership and is currently managed by a trustee.
However, as of September 2024, the FSC announced that SSL would pay out an estimated US$30 million to clients, primarily from the sale of SSL's international securities client portfolio. Additionally, in an official notice dated 3rd April 2025, the trustees announced the launch of the SSL Victims Compensation Fund, aimed at facilitating payouts to those affected by the alleged fraudulent activities. Clients were required to submit proof of claims by 30th April 2025.
Lessons to be learnt:
Knowing & understanding what kinds of stocks, shares & bonds your investments are in, is absolutely critical. It doesn't matter how long the firm that manages your money has been in existence, it's still important to understand their investment strategy and what they do with your money. E.g.
What are the ISINs of the stocks & bonds?
What exchanges are they listed on?
How are the assets priced?
Who is the custodian?
Such questions provide the investor with insight into what types of securities your investments are placed in and how they are being managed & protected.
Additionally, it really doesn't matter how prestigious the firm is or how much AUM they have. It's important to know where your money is, how it is being managed & what protection if any exists, against fraud and the mismanagement of funds.
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