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Usain Bolt sacks business manager after losing £10 million to a scam

Usain Bolt sacks business manager after losing £10 million to a scam

Usain Bolt has revealed he's fired his business manager after $12.7 million went missing from his account

Usain Bolt has revealed he's fired his business manager after £10 million ($12.7m) went missing from his account at a local private investment firm.

The retired sprinter and current world record holder in three events is said by his attorneys to have had around £10 million ($12.8 mil) in an account with Stocks and Securities Limited - a stock exchange located in Jamaica.

However, the amount in the account was revealed as having dropped dramatically to £9,600 ($12,000) on Wednesday (18 January).

Bolt's attorneys gave the company 10 days to return the funds, threatening civil and criminal action if the money wasn't put back.

"If [the new balance] 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 lawyers said in a letter.

Usain Bolt has lost £10 million in investment funds.
PA Images/ Alamy Stock Photo

It is unclear whether legal action has since been taken, however, on Friday, Bolt confirmed to reporters he has fired his business manager.

Regarding Stocks and Securities Limited and the return of his money, Bolt told the Jamaica Observer newspaper: "There is nothing to say at this stage, given what is happening.

"We have met with persons and we are dealing with certain matters."

Bolt has sacked his business manager.
Mariano Garcia/ Alamy Stock Photo

Despite a whopping $12.7 million of his investment having gone walk-a-bout, Bolt reassured he's 'not broke,' however, he did admit it has 'definitely put a dampener' on him.

The 36-year-old said: "It was for my future. Everybody knows I have three kids. I'm still looking out for my parents, and I still want to live very well."

Linton P. Gordon - Bolt's lawyer - added: "It’s distressful news for anyone. And certainly in the case of Mr. Bolt, who established this account as part of his private pension.

"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."

The FBI has been called on by Jamaica's Financial Services Commission for help too.
Kenny Williamson/ Alamy Stock Photo

An investigation into the missing money has since been launched by Jamaica's Financial Services Commission - the commission has also called on the FBI for help.

Stocks and Securities Limited has told clients to direct any questions to the commission.

The investment firm stated: "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."

Bolt's £10 million loss comes after Jamaica's Financial Services Commission placed a temporary manager within Stocks and Securities Limited in response to allegations of fraud.

Nigel Clarke, Jamaica's finance minister, commented: "It is tempting to doubt our financial institutions, but I would ask that we don’t paint an entire hard working industry with the brush of a few very dishonest individuals."

LADbible has contacted Jamaica's Financial Services Commission for comment.

Featured Image Credit: PCN Photography / Storms Media Group / Alamy Stock Photo

Topics: Usain Bolt, Sport, Money