Usain Bolt Suffers $12 Million Financial Scam

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Usain Bolt Suffers $12 Million Financial Scam

| Updated: January 19, 2023 12:28

Usain Bolt, Jamaica’s Olympic sprinting champion, lost millions of dollars in his account with Stocks and Securities Ltd., an investment company situated in Kingston.

The track star’s attorneys claim that the $12 million has disappeared from his account with a Jamaican investment company and that they are ready to file a lawsuit if required. There is currently only $12,000 in the account.

“The account was part of Bolt’s retirement and lifetime savings,” his lawyer, Linton P. Gordon, said. “It’s distressing news for anyone, and certainly in the case of Mr Bolt, who established this account as part of his private pension. We will be going to court with the matter.”

Stocks and Securities Ltd. (SSL), a Kingston-based company, announced in a statement on January 12 that it had learned of fraudulent behaviour by a former employee and had alerted law authorities to the situation. It also added that it has taken measures to secure assets and tighten standards.

According to a statement made on Monday by the Jamaica Constabulary Force, “possible fraudulent actions at (SSL) which are reported to have affected the accounts of Usain Bolt among other individuals” are being looked into by those teams.

Tuesday night, Finance Minister Nigel Clarke claimed SSL had perpetrated “alarming and despicable fraud” and promised to “bring all criminals to justice.”  The intention of Bolt’s account was to provide his parents and the eight-time Olympic gold medalist sprinter with a pension.

Bolt retired in 2017 after dominating the sprinting world for a decade, bringing back a sport marred by drug scandals, and becoming a household icon like Muhammad Ali and late Brazilian soccer legend Pele.

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