HomeSportsUsain Bolt was defrauded out of $12 million in savings

Usain Bolt was defrauded out of $12 million in savings

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Jamaican law enforcement was alerted to alleged fraud at wealth management firm Stocks & Securities Ltd (SSL)

Usain Bolt, a Jamaican Olympic sprinter, was astonished to find $12 million gone from an account he held with Stocks and Securities Ltd(SSL), an investment company situated in Kingston. According to his attorney Linton P. Gordon, Bolt was just informed that there was only roughly $12,000 left in the account which he had saved money for his retirement.

Tuesday saw the announcement by Jamaica’s Financial Services Commission that it had appointed its own temporary manager at Stocks and Securities Ltd in response to concerns of alleged fraud, which had earlier led the commission to increase supervision of the bank.  According to Gordon, he and his client have not been in contact with regulators.

 Gordon stated that he intends to take the matter to Kingston’s Supreme Court if Bolt does not receive the money back within eight days.

Stocks and Securities Ltd announced in a statement on January 12 that it had learned of fraudulent behavior by a former employee and had alerted authorities to the situation. It further stated that steps had been taken to tighten processes and secure assets.

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 Mr. Bolt alongside other individuals are being reviewed by those teams”.

According to Gordon, Bolt’s account was created to act as a pension for both his parents and himself. Bolt retired in 2017 after dominating sprinting on a global scale for a decade and bringing back a sport damaged by doping issues.

 Bolt has won eight Olympic gold medals, holds the 100- and 200-meter world records, and is regarded as the fastest man alive. On Monday, Bolt tweeted lyrics that included the following: “The History of Evil… What is the ROOT? MONEY.”


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