Usain Bolt missing $12.7m in alleged fraud, lawyer says

Only $12,000 remains in the Jamaican sprinter’s investment account

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A lawyer for Usain Bolt, one of the world's greatest sprinters, said on Wednesday that more than $12.7 million was missing from his account with Stocks & Securities Limited (SSL), a private investment company in Jamaica.

Bolt had $12.8 million in the account, which was part of his retirement savings, but it now reflects a balance of only $12,000, the lawyer said, according to a copy of a letter sent to SSL that was provided to AP.

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“If this is correct, and we are hoping it is not, then a serious act of fraud, larceny or a combination of both have been committed against our client,” Bolt’s lawyer said in the letter, which also demanded that the money be returned.

They threatened civil and criminal action if the money is not returned within 10 days.

The Jamaican sprinter, 36, has a net worth of $90 million, according to wealth-tracking platform Celebrity Net Worth.

At his peak, Bolt was one of the highest-paid athletes in the world after winning eight Olympic gold medals, the website said.

He also claimed 11 world titles and set world records in the 100-metre and 200-metre sprint events.

Bolt, who retired in 2017, is one of the highest-paid athletes in the world and earned $20 million to $30 million a year in the years leading up to the Olympics, Celebrity Net Worth said.

On its website, SSL asked clients to direct all urgent queries to Jamaica’s Financial Services Commission, which is investigating the company.

“We understand that clients are anxious to receive more information and assure you that we are closely monitoring the matter throughout all the required steps and will alert our clients of the resolution as soon as that information is available,” SSL said.

On January 12, the FSC said it was aware of allegations of fraud at the company. The regulator gave orders to allow SSL to operate under “enhanced oversight”.

The FSC also appointed a special auditor to look into fraud allegations against SSL on Monday.

However, on Tuesday, the FSC said it was assuming temporary management of SSL, which will be allowed to continue operating with approval from the government for any transactions.

Updated: January 19, 2023, 1:31 PM
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