OLYMPIC AND WORLD CHAMPION, USAIN BOLT DEFRAUDED OF $12M LIFE SAVINGS.
Written by AIGBOKHAEBHO OKHUELEIGBE on January 19, 2023
One of the world’s greatest athlete and double Olympic Champion, Usain Bolt has lost money from his bank account with Stocks and Security Ltd, a private investment company that is based in the Jamaican capital, Kingston. The money Bolt lost is estimated to be about $12.7m.
Attorney Linton P. Gordon, while providing more light on a copy of the letter sent to Stocks & Securities Limited demanding that the money be returned.
Bolt’s account once had $12.8 million but now reflects a balance of only $12,000.
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.
The account was part of Bolt’s retirement and lifetime savings.
It’s distressing news for anyone, and certainly in the case of Mr Bolt, who established this account as part of his private pension.
We will be going to court with the matter, if the company does not return the funds within 10 days.
Stocks & Securities Limited did not immediately respond to a request for comment. But on its website, the company asked that clients direct all urgent queries to Jamaica’s Financial Services Commission, which is investigating the firm. The Company said:
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.
The company has said that it discovered the fraud earlier this month and that several of its clients may be missing millions of dollars.
Jamaica’s finance minister, Nigel Clarke, called the situation alarming saying it was 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.
The Jamaican and world sprint champion, Bolt retired in 2017. He holds the world record in the 100 meters and 200 meters sprint as well as the 4×100 relay.