Usain Bolt Lost $12 Million in Savings in Alleged Fraud, Attorney Says
Written by SOURCE on January 19, 2023
Attorneys for Usain Bolt claims the Olympian sprinter has fallen victim to a fraud scheme that has resulted in more than $12 million missing from his account.
According to a letter the Associated Press obtained from Bolt’s attorney, the Jamaican sprinter recently discovered that his retirement savings account, which Bolt holds with Kingston-based investment firm Stocks and Securities Ltd., reflects a balance of only $12,000. There was previously $12.8 million in the account.
“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 attorneys said in the letter.
Bolt’s attorneys are threatening civil and criminal action if the money is not returned within 10 days. Jamaica’s Financial Services Commission is investigating the firm, while also assuming temporary authority over the private investment 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,’’ Stocks & Securities Limited wrote in a statement on its website.
Meanwhile, Jamaica’s finance minister, Nigel Clarke, released his own statement calling the situation alarming.
“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,” Clarke told the AP.
