Usain Bolt Lost $12 Million in Investments to Fraud, Lawyer Says

Attorney for Usain Bolt claims the Olympian sprinter was the victim of a fraud that resulted in more than $12 million being lost from his account.

According to a letter the Associated Press obtained from Bolt’s lawyer, the Jamaican sprinter recently discovered his retirement account, which Bolt holds at Kingston’s investment firm, Stocks and Securities Ltd. , reflecting a balance of only $12,000. There was previously $12.8 million in the account.

“If this is true, and we hope it is not, then it is a serious act of fraud or a combination of all of these. done to our client,” Bolt’s attorney said in the letter.

Bolt’s lawyers are threatening civil and criminal charges if the money is not returned within 10 days. The company is being investigated by the Financial Services Commission of Jamaica, as well as an interim regulator over the private equity firm.

“We understand that customers are eager to get more information and assure you that we are monitoring the matter through all necessary steps and will inform our customers of the resolution as soon as we receive those information,” Stocks & Securities Limited wrote in a statement on its website.

Meanwhile, Jamaica’s finance minister, Nigel Clarke, released his own statement citing the alarming situation.

“It’s tempting to be suspicious of our financial institutions, but I ask that we not paint an entire hard-working industry with the brush of a few unscrupulous people,” Clarke told the AP.

Leave a Comment