Usain Bolt has lost £10 million after being scammed
Lawyers for Usain Bolt say that the Olympic star has lost almost £10 million ($12m) from an account he'd been relying on to fund his retirement.
The 36-year-old had saved the money in an account at Kingston-based investment firm Stocks and Securities Ltd., but on Wednesday (18 January), his lawyer claimed there was only £9,700 ($12,000) remaining of the millions that had been in there.
Linton P. Gordon said the account held Bolt's life savings, but that regulators have not communicated with him or Bolt since the money disappeared.
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"It’s distressful news for anyone,” the lawyer said. “And certainly in the case of Mr. Bolt, who established this account as part of his private pension.”
He 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."
The day before Gordon announced the disappearance of the money, Jamaica’s Financial Services Commission said it had installed its own temporary manager at the investment firm following reports of allegations of fraud.
Gordon provided the Associated Press with a copy of a letter he sent to Stocks & Securities Limited on Monday (16 January), which demands that the money be returned within 10 days or the company will face civil and criminal action.
“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 say in the letter.
On its website, Stocks & Securities Limited ask that clients pass all questions on to Jamaica’s Financial Services Commission as it continues its investigation into the firm.
“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,” it says in a statement.
Stocks & Securities Limited announced it had discovered the allegations of fraud earlier this month, and acknowledged that several of its clients may be missing millions of dollars.
Jamaica’s finance minister, Nigel Clarke, said that while the situation was alarming, it was also very unusual.
“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,” he said.
The firm is allowed to keep operating while the the Financial Services Commission investigates, but it needs approval from the government for any transactions.
Bolt retired from his athletics career in 2017 after achieving world records in the 100m, 200m and 4x100m relay.
LADbible has reached out to Jamaica’s Financial Services Commission for comment.
Topics: Usain Bolt, Money
Emily Brown