Usain Bolt, Jamaica’s Olympic sprinting legend, has lost millions of dollars from his account with Stocks and Securities Ltd, a Kingston-based investment firm’s investment fraud.
Lawyers for the track and field star claim that the $12 million has vanished from his account with a Jamaican investment firm and that they are prepared to go to court if necessary. There is currently only $12,000 in the account.
“The account was part of Bolt’s retirement and lifetime savings,” said his lawyer, Linton P. Gordon, over the phone to Fortune magazine.
“It’s heartbreaking news for anyone, but especially for Mr. Bolt, who set up this account as part of his private pension,” Gordon said on Wednesday.
“We will take the matter to court,” Gordon said if the company does not return the funds. “It’s a huge disappointment, and we’re hoping that the situation can be resolved so that Mr. Bolt can get his money back and live in peace.”
Stocks and Securities Ltd Is Under the Radar of Authorities
Stocks and Securities Ltd (SSL), based in Kingston, said in a statement issued on January 12 that it had become aware of fraudulent activity by a former employee and had referred the matter to law enforcement, adding that it had taken steps to secure assets and strengthen protocols.
On Monday, the Jamaica Constabulary Force announced that its fraud and financial investigation teams were looking into “alleged fraudulent activities at Stocks and Securities Ltd that are said to have affected the accounts of Mr. Usain Bolt and other individuals.”
Stocks and Securities Ltd has allegedly committed “alarming and evil fraud,” according to Finance Minister Nigel Clarke, and authorities will “bring all perpetrators to justice.”
Gordon stated that Bolt’s account was set up as a retirement fund for the eight-time Olympic gold medalist sprinter and his parents.
Bolt retired in 2017 after dominating global sprinting for a decade, reviving a doping-plagued sport and becoming a household name in the same way that Brazilian soccer legend Pele and American boxing champion Muhammad Ali were.
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