An investigation has revealed that Usain Bolt’s funds were allegedly stolen by a single employee, who the company claims also stole from an additional 39 clients.
Key Details
- Stocks & Securities (SSL), the financial firm that managed the account of Olympic gold medalist Usain Bolt, is blaming a single employee for the sprinter’s missing millions.
- In addition to Bolt’s disappearing $12 million, the employee allegedly defrauded an additional 39 accounts within the company, Bloomberg reports.
- Bolt’s management team notified SSL on January 11 that one of the firm’s employees had confessed to stealing Bolt’s money. The employee then allegedly asked Bolt’s management team for a loan to pay back clients the alleged fraudster had stolen from.
- The employee “apparently still believed that she could borrow the money from the Bolt management group to repay the other SSL clients,” the firm says.
- SSL has not released the employee’s name, but the firm’s disciplinary panel has recommended that she be dismissed.
- The financial firm is still determining the total losses but says the “vast majority of clients have not been affected by this fraud.”
Why it’s news
Since Bolt’s legal team revealed that the record-breaking Olympian only has $12,000 left in his account, the Jamaican government has been searching for answers. Officials quickly appointed Bank of Jamaica Governor Richard Byles to oversee financial firms like SSL as the head of the Financial Securities Commission (FCS).
The FCS announced that it would temporarily manage SSL shortly after discovering the fraud.
Bolt’s account at SSL was a savings and retirement fund. Despite the significant losses, Bolt does not appear perturbed by the news.
“I’m not broke, but it’s definitely put a damper on me. It was for my future. Everybody knows I have three kids. I’m still looking out for my parents, and I still want to live very well,” Bolt says.
Since discovering significant funds were missing, Bolt has fired his business manager. He added that the parting was not amicable.
Backing up a bit
Olympic multi-gold medalist Usain Bolt lost more than $12 million in his savings account from a scam operation—and hopes to see it returned.
Bolt’s lawyer announced that the Jamaican Olympic gold medalist only has around $12,000 left in his account through Kingston-based investment firm Stocks and Securities Ltd.
The account contained Bolt’s retirement and life savings and was missing around $12 million.
Jamaica’s Financial Services Commission established a temporary manager at Stocks and Securities to monitor the firm after allegations of fraud.
“It’s distressful news for anyone, and certainly in the case of Mr. Bolt, who established this account as part of his private pension,” Bolt’s lawyer Linton Gordon says.
Jamaican regulators have not yet communicated with Bolt, according to his lawyer. Gordon says the issue will be taken to the Supreme Court in Kingston if the funds are not returned within a week, Bloomberg reports.
