Attorneys representing Usain Bolt, the renowned eight-time Olympic gold medalist, have reported that over $12.8 million is unaccounted for from his account with the Jamaican investment firm currently under scrutiny.
On January 11, Jamaican authorities received reports of potential fraud at Stocks & Securities Ltd (SSL), affecting accounts including Bolt’s.
Selvin Hay, Chief Technical Director of Jamaica’s Financial Investigations Division, stated that an inquiry is underway, led by the Jamaica Constabulary Force’s Fraud Squad and the Financial Investigations Division.
Bolt’s lawyer, Linton Gordon, shared a letter with CNN detailing that Bolt’s SSL account balance had been mysteriously reduced from $12.8 million to just over $12,000.
Gordon claims Bolt, who retired from competitive athletics in 2017, has neither withdrawn nor transferred any funds from the account and legal action may be pursued if the missing funds are not recovered.
Ricky Simms, Bolt’s agent, confirmed the ongoing investigation into SSL’s fraudulent activities but could not specify the exact amount missing from Bolt’s account. CNN’s request for comment from SSL went unanswered.
On Tuesday, Jamaica’s Financial Services Commission (FSC) took over the management of SSL. Everton McFarlane, FSC executive director, reported that the fraud was allegedly perpetrated by a client relationship manager at SSL, marking an unprecedented level of fraud for the FSC. McFarlane assured that such misconduct, although severe, does not reflect the broader industry’s risk profile.
SSL acknowledged the fraudulent activity on January 12, attributing it to a former employee and referring the case to law enforcement. CNN’s attempts to obtain further comments from SSL were unsuccessful.
Bolt, who gained international fame with gold medals at the 2008 Beijing, 2012 London, and 2016 Rio Olympics, continues to hold the world records for the 100 and 200 meters, set in 2009.