Sprinter Usain Bolt could have been victimized by investment fraud
Champion sprinter Usain Bolt is used to living life in the fast lane, but he’s hit a major speed bump after Bolt’s investment firm acknowledged that $12.7 million is missing from his account.
Potentially worse, the firm doesn’t know how the money went missing or where it went.
Bolt, a legend on the track and in his home country of Jamaica, and the winner of eight Olympic gold medals, has hired an attorney and is threatening to sue Stocks & Securities, a Kingston, Jamaica financial services firm that managed the account with the missing funds.
“The account was part of Bolt’s retirement and lifetime savings,” said Bolt’s attorney, Linton P Gordon. “It’s distressing news for anyone, and certainly in the case of Mr. Bolt, who established this account as part of his private pension.”
“If this is correct, and we are hoping it is not, then a serious act of fraud, larceny, or a combination of both has been committed against our client,” Gordon added.
Stocks and Securities Limited has reportedly mishandled multiple client accounts, leading to significant financial losses. The Jamaican government is currently investigating the firm and has assumed temporary management of the private asset management firm.
Attorneys for Bolt reportedly discovered the funds were missing during a routine account check in early January. They found $12.7 million missing from the account, leaving only $12,000 left in Bolt’s portfolio.
Stocks & Securities has largely stayed mum about the missing funds but did add this statement on the firm’s website.
“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 firm stated.
Bolt’s net worth is a reported $90 million, with a good chunk of that money coming from a lucrative sponsorship deal with sports apparel giant Puma. Now retired, Bolt earns an estimated $4 million from Puma annually.