Economic Fraud
World’s Fastest Man Usain Bolt Lost $1.2 Billion Retirement Fund In Investment Scam
Jamaican sprint legend Usain Bolt is facing a wipeout of his large investment at Stocks and Securities Limited (SSL) and is now concerned that the funds he had anticipated to access in his senior years will not be restored.
The issue was informed to Bolt’s management team last week, right before the firm went public with a big scam worth more than $1.2 billion.
Bolt is one of more than 30 persons whose SSL assets are alleged to have been defrauded by a wealth advisor.
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Last Thursday, SSL issued a statement indicating that it had “gotten aware of fraudulent activities by a former employee of the company”.
Bolt’s lawyers have stated that they are prepared to file a lawsuit to reclaim the money that mysteriously vanished from the track star’s account.
“The account was part of Bolt’s retirement and lifelong savings,” according to Bolt’s lawyers.
“It’s heartbreaking news for anyone, but especially for Mr Bolt, who set up this account as part of his private pension,” Linton P. Gordon said on Wednesday.
According to Fortune magazine, Gordon told the corporation over the phone, “We will be going to court with the problem” if the cash were not returned.
“It is a great disappointment, and we hope that the situation will be addressed in such a way that Mr Bolt will be able to reclaim his money and live in peace,” he added.
Stocks & Securities Ltd responded to the news by saying in a statement on January 12 that it had heard of the fraudulent behaviour by a former employee and had notified law enforcement.
It also stated that it had taken precautions to protect consumers’ assets and tightened standards.
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The Jamaica Constabulary Force stated in a second statement on Monday that the “alleged fraudulent actions at SSL that are reported to have affected the accounts of Mr Usain Bolt and other individuals” are being investigated by those teams.
Meanwhile, Jamaican Finance Minister Nigel Clarke said on Tuesday night that SSL had committed “alarming and vile fraud” and intended to “bring all criminals to account.”
According to the Associated Press, Bolt’s account with the corporation was set up as a pension for both his parents and the eight-time Olympic gold medalist.
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