The lawyer representing Usain Bolt claimed that his client’s account in a private investment company in Jamaica was $12.8 million, but now only $12,000. The sprinter lost a large portion of his retirement savings.
According to his lawyer, Usain Bolt (one of the most successful Olympic sprinters) has been accused of a scam that cost him more than $12.7million.
The money has been missing from the account of the Jamaican private investment firm. Associated Press (AP), reported that his lawyer threatened civil and criminal actions if the money isn’t returned within 10 working days.
How could the Jamaican Olympic-sprinter have lost millions of dollars? What are the most recent developments in this case? Let’s have a closer look.
Usain Bolt “loses” millions
According to a letter sent by Stocks & Securities Limited (SSL) to Kingston-based investment firm Stocks & Securities Limited (SSL), Bolt’s account was $12.8 million on 16 January. However, it now has a balance of $12,000.
Bolt’s lawyer, Linton Gordon, wrote to . AP that “if this is true, which we hope it isn’t, then a serious act de fraud larceny, or a combination thereof, have been committed against our client”.
The lawyer stated Wednesday that it was distressing news for all. “And especially in the case Mr Bolt who set up this account as part his private pension.”
Nugent Walker, Bolt’s manager, stated to The Jamaica Gleaner that Bolt has been investing with Stocks & Securities Ltd over a decade. Now, his entire portfolio is being reviewed following the alleged discrepancies, AP reported.
According to Jamaica Observer Bolt is one of more than 30 investors whose money was allegedly stolen from them by a former employee.
Financial authorities in Jamaica stated earlier that they had initiated an investigation and appointed a special auditor who will investigate the allegations of fraud at the private wealth manager company.
Jamaica’s Financial Services Commission (FSC), had last week stated that they were inspecting SSL transactions.
According to Jamaica Observer, FSC announced Tuesday that it would assume temporary management of the company. SSL is legal, but you will need government approval to use it for transactions.
The investment company has asked its clients to contact FSC with any questions.
The company stated that it understood clients’ desire to know more and that it was closely monitoring the situation throughout the entire process. It also promised that it would alert clients as soon as possible about the resolution.
Jamaica Observer reported last Thursday that SSL stated in a statement that it was aware of fraudulent activity by a former employee.
Last week, The Gleaner reported that the SSL employee might have been involved with the Bolt fraud.
The Gleaner was told by the lawyer for the employee that she had been in touch for two weeks with the legal representatives from the private investment company.
According to The Guardian, she stated that her client was in discussions with SSL lawyers and SSL attorneys.