Usain Bolt’s attorney claims that although his client’s account at a private investment company in Jamaica had shown a balance of $12.8 million, it now only shows a balance of $12,000. The sprinter lost a sizable portion of his retirement savings.
According to his attorney, Usain Bolt, one of the greatest Olympic sprinters, lost more than $12.7 million in a purported scam.
The sum of money is gone from the Jamaican account of the legendary Olympic sprinter. According to Associated Press (AP), his attorney has warned of civil and criminal action if the money is not returned within 10 days (19 January).
How did the Jamaican sprinter lose millions at the Olympics? What are the most recent case developments? Let’s look more closely.
Usain Bolt ‘loses’ millions
Bolt’s account had $12.8 million when a letter to Kingston-based investment company Stocks & Securities Limited (SSL) was sent there on January 16; it now shows a balance of only $12,000.
“If this is correct, and we are hoping it is not, then a significant crime of fraud, larceny, or a combination of both, have been done against our client,” the letter from Bolt’s attorney Linton P. Gordon to AP reads.
Gordon told Fortune magazine in a phone interview that the account was a part of Bolt’s retirement and lifetime savings.
Anybody would find the news distressing, the attorney said on Wednesday. And undoubtedly in the case of Mr Bolt, who set up this account as a component of his private pension.
According to Bolt’s manager, Nugent Walker, the sprinter has invested with Stocks & Securities Ltd for more than ten years. According to AP, his whole portfolio is being investigated after the alleged anomalies were discovered.
According to Jamaica Observer, Bolt is one of the more than 30 investors whose money was reportedly taken by a former worker of the investment firm.
The suspicions of fraud at the private wealth management company have been investigated, according to financial authorities in Jamaica, who have also assigned a special auditor to look into the matter.
Last Thursday, the Financial Services Commission (FSC) of Jamaica said that it was auditing all SSL transactions.
According to Jamaica Observer, FSC announced on Tuesday that it will take over the company’s temporary management. While SSL is operational, any transactions requiring payment must first have government permission.
The investment firm has also advised all of its clients to contact FSC with any questions.
According to a statement on the company’s website, “We recognise that customers are eager to learn more information and reassure you that we are actively monitoring the problem throughout all necessary stages and will advise our customers of the resolution as soon as that information is available.”
The Jamaica Observer stated that SSL had “become aware of fraudulent behaviour by a former employee of the company” in a statement it issued last Thursday.
The SSL employee may have been implicated in the Bolt fraud, The Gleaner revealed last week.
The Gleaner was informed by the employee’s attorney that her client had spoken with the private investment firm’s attorneys for two weeks.
According to The Guardian, she stated, “My client is in discussion with SSL and the attorneys representing SSL.”
Bolt has tweeted cryptic messages, but he hasn’t publicly addressed the problem yet.
The former sprinter remarked on Wednesday, “A time to keep………. and a time to speak; A time of war, and a time of……….
“In a World of Lies….Where is the Truth?
The History Evil….What is the Root?…MONEY,” he wrote in a tweet on Monday.
Nigel Clarke, Jamaica’s finance minister, described the situation as “alarming.”
As reported by the Associated Press, he added, “It is natural to question our financial institutions, but I would ask that we don’t paint an entire hard-working industry with the brush of a few extremely dishonest individuals.”
Bolt’s supporters reacted to the news with amazement, while some chose to laugh.
I cannot believe this, a user wrote. They believed he wouldn’t lose $6 million US. He gave back a tonne, a tonne, and you guys robbed him? awfully embarrassing Gross work!
“If they do that to you, a national treasure, imagine what they would do to a working-class civilian,” another remarked. It feels like a victory for you that you gave the nation and the people so enormous pride and optimism.
A user made light of Bolt’s record-breaking speed by joking, “Should be able to catch the burglars.”
Bolt, who was born in 1986, earned three consecutive Olympic gold medals in the 100- and 200-meter races.
One of the best track athletes of all time is the sprinter, who retired in 2017.