Usain Bolt Loses $12.7m To Investment Fraud

Usain Bolt’s counsel has stated that the Olympic champion will go to court to collect the more than $12.7 million that went missing from his account with a Jamaican investment firm.

Bolt’s lawyer, Linton Gordon, told Reuters late Tuesday that Bolt was alerted last week that his account balance at Kingston-based Stocks and Securities Ltd (SSL) had mysteriously dropped to just $12,000.

If the corporation does not return the money, “we will be going to court with the matter,” Gordon added.

“It is a grave disappointment, and we are hoping that the matter will be resolved in a way that Mr. Bolt will recover his money and be able to live in peace.”

In a statement released on January 12th, SSL revealed that it had discovered fraudulent behaviour by a former employee, and had forwarded the situation to law enforcement while also taking measures to secure assets and enhance standards.

The SSL team did not immediately respond to an email and phone calls for comment.

According to a statement released by the Jamaica Constabulary Force on Monday, its fraud and financial investigation teams are looking into “possible fraudulent operations at (SSL) which are reported to have damaged the accounts of Mr. Usain Bolt, among other individuals.”

Minister of Finance Nigel Clarke said Tuesday night that SSL had perpetrated “alarming and despicable fraud” and that authorities would “bring all culprits to justice.”

Gordon claimed Bolt’s account was set up as a pension for the Olympic gold medallist and his parents. Bolt has won eight gold medals at the Olympics.

After a decade of dominance, during which he revived a sport beset by drug scandals and became a household brand on par with Brazilian soccer great Pele and American boxing champion Muhammad Ali, Bolt retired from sprinting in 2017.