World sprints record holder Usain, Bolt, 36, has been defrauded of his life savings
The eight-time Olympic champion put his fortune in a private investment firm in Kingston, Jamaica
His attorney’s examined the portfolio that reflects a balance of only $12,000, with an investigation under way
The investment firm Stocks & Securities Limited, [SSL], is directing queries to Jamaica’s financial authorities
Bolt’s net worth is estimated to be $90million and his biggest sponsor is Puma
Attorneys for the track star said they are prepared to file a lawsuit if that will make it possible to recover more than $12.7 million that mysteriously disappeared from his account
Bolt’s account with the company was created to act as a pension for Bot and both of his parents
Tuesday night, Jamaica’s Finance Minister Nigel Clarke claimed that SSL had committed “alarming and evil fraud” and promised to “bring all perpetrators to justice”
Jamaica’s Olympic sprinting icon and eight-time Olympic sprint champion, Usain Bolt has lost millions of dollars in his account with Stocks and Securities Ltd, an investment company based in Kingston.
Bolt, 36, is threatening to sue a private investment firm in Jamaica after more than $12.7million disappeared from his account.
Attorneys for the track star said they are prepared to file a lawsuit if that will make it possible to recover the $12.7 million that mysteriously disappeared from Bolt’s account. His account was left with a balance of $12,000, as at the time his attorneys examined it.
The lawyers claim a check on his balance earlier this month revealed he had been left with barely $12,000 after what they described as a potential act of fraud.
It has been reported in Jamaica that the retired sprinter, whose earnings per season were estimated to top $25 million when he was active, has given the firm a 10-day deadline to return the money.
The statement from Bolt’s lawyers read, “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,” Gordon said on Wednesday.
“We will be going to court with the matter” if the company does not return the funds,” his lawyer, Linton P. Gordon, told Fortune magazine over the phone.
“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,” he added.
In reaction to the development, Stocks and Securities Ltd said in a statement on January 12 that it learned of the fraudulent activity by a former employee and had alerted law enforcement to the situation.
It also said that it had taken measures to secure customers’ assets and tighten protocols.
On Tuesday night, Jamaica’s Finance Minister Nigel Clarke claimed that SSL had committed “alarming and evil fraud” and promised to “bring all perpetrators to justice.”
The country’s financial authorities said they were assuming temporary management of the private investment firm. It is allowed to keep operating but needs approval from the government for any transactions.
The Associated Press reported that Bolt’s account with the company was created to act as a pension for both of his parents and the eight-time Olympic gold medal-winning sprinter.
Bolt, who retired in 2017, holds the world records for the 100 meters, 200 meters and 4×100 meters. His net worth is estimated to be $90million, according to Celebrity Net Worth.
At the height of his career, in 2015 and 2016, the six-foot-four sprinter was thought to earning over $31million per year, Sportskeeda reports.
Bolt, who is the brand ambassador of PUMA and was roughly compensated $10million annually during his running days. Despite retiring five years ago, the sports apparel brand still pays the 36-year-old about $4 million per year for wearing its clothing.