Usain Bolt Loses $12 Million In Financial Scam: Report
First Published: 19th January, 2023 16:37 IST
Bolt's account, according to his lawyer, was intended to serve as a pension for the eight-time Olympic gold medalist sprinter and his parents
Usain Bolt, Jamaica’s Olympic sprinting legend, has lost millions of dollars he had in his account with Kingston-based investment firm Stocks and Securities Ltd.
Lawyers for the track and field star have stated that the $12 million has vanished from his account with a Jamaican investment firm and that they are prepared to take the case to court if necessary. Only $12,000 is left in the account now, an NDTV report said.
“The account was part of Bolt’s retirement and lifetime savings,” his lawyer, Linton P. Gordon, told Fortune magazine over the phone.
“It’s distressing news for anyone, and certainly in the case of Mr. Bolt, who established this account as part of his private pension,” Gordon said on Wednesday.
“We will be going to court with the matter” if the company does not return the funds, Gordon said.
“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.”
Kingston-based Stocks and Securities Ltd (SSL) said in a January 12 statement that it had become aware of fraudulent activity by a former employee and has referred the matter to law enforcement, adding that it had taken steps to secure assets and strengthen protocols.
The Jamaica Constabulary Force said on Monday that its fraud and financial investigation teams were probing “alleged fraudulent activities at (SSL) which are said to have affected the accounts of Mr. Usain Bolt among other individuals.”
Finance Minister Nigel Clarke said on Tuesday night that SSL had allegedly committed “alarming and evil fraud” and that authorities would “bring all perpetrators to justice.”
Bolt’s account was intended to serve as a pension for the eight-time Olympic gold medalist sprinter and for his parents, Gordon said.
Bolt retired in 2017 after dominating global sprinting for a decade, reviving a sport plagued by doping scandals and becoming a household name like Brazilian soccer legend Pele and American boxing champion Muhammad Ali.
(With inputs from Reuters)
Also Read: Ukraine Military Shares Photo Of Sniper Hiding In Plain Sight, Internet Impressed
COMMENTS
TOPMOST STORY NOW
Live M’laya: Now 200-year Old Gurdwara Threatens to Stall Harijan Colony Relocation
17th October 2024Live Who is Ashalata?1st Indian Women Footballer in 100 Intl Matches
17th October 2024Live Titular King Sanajaoba Appeals to All Indigenous People to Unite for a Peaceful Manipur on Mera Hou Chongba Festival
17th October 2024Live “We have received the censor certificate”: Kangana Ranaut starrer ‘Emergency’ gets green signal for release
17th October 2024WE RECOMMEND
EAM Jaishankar, Pakistan PM Sharif shake hands ahead of SCO summit
The 23rd SCO CHG is all set to kick off on Wednesday in Pakistan's capital, Islamabad, with top-notch security measures in place.
15th October 2024Canadian police alleges Indian govt agents involved in spread of criminal activity
Royal Canadian Mounted Police created a multi-disciplinary team to investigate and coordinate efforts to combat this threat.
15th October 2024President Murmu addresses India-Algeria Economic Forum, calls for enhanced cooperation
President Murmu praised the reforms led by Algerian President Abdelmadjid Tebboune's leadership, acknowledging the positive changes taking place in the country.
15th October 2024India, US to ink Rs 32,000 crores deals for 31 Predator drones, MRO Today
Top Indian defence officials, including Joint Secretary and Acquisition Manager for the naval systems, are set to be present at the signing ceremony
15th October 2024‘Buddha statue from Tamil Nadu to colourful table from Ladakh’: Look at artefacts PM Modi gifted to leaders in Laos
These gifts not just showcase vibrant Indian culture on the world but also underscore the significance of culture in diplomacy and global partnership.
11th October 2024