Northeast India’s Only English and Hindi Satellite News Channel

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

WE RECOMMEND

Banner
US condemns terror attack in Jerusalem that claimed 8 lives, calls it ‘heinous’

The gun attack occurred around 8:15 pm (local time), near a synagogue on Neve Yaakov Street in Jerusalem

28th January 2023
Banner
Internet has a hearty laugh over Elon Musk’s new Twitter name ‘Mr Tweet’

Elon Musk has changed his name on Twitter to 'Mr Tweet' and the internet can't stop laughing.

27th January 2023
Banner
McDonalds fines customer for eating slow

An affordable McDonald's meal turned out to be costlier that a dining at a 5-star restaurant for a customer in Cambridge

25th January 2023
Banner
Man who set himself on fire in front of Nepal Parliament dies

"He succumbed to the burn-inflicted injuries. He had suffered 80 percent burns," Dr Kiran Nakarmi from the hospital confirmed to ANI over the phone

25th January 2023
Banner
US: 7 dead, 1 critically injured in California shootings; suspect nabbed

At least seven people were killed and one person critically injured after shootings were reported from two locations in the Half Moon Bay area in north California of the United States, CNN reported citing local officials who said that a 67-year-old suspect is now in custody.According to San Mateo Board of Supervisors President Dave Pine, […]

24th January 2023