Sprinting legend Usain Bolt loses Sh1.5 billion of his lifetime savings to fraudsters

2 Min Read

Olympic Sprinter Usain Bolt has lost his retirement and lifetime savings of $12 million (Sh1.5 billion)

The sprinter discovered the money was missing from an account he had with Kingston-based investment firm Stocks and Securities Limited

Usain bolt was told that Only $12,000 was  remaining in the account according to his lawyer Linton P. Gordon

“It’s distressful news for anyone,” Gordon said on Wednesday. “And certainly in the case of Mr. Bolt, who established this account as part of his private pension.”

- Advertisement -

Gordon said regulators have not communicated with him or his client. If Bolt does not see the money returned within eight days, Gordon said he plans to take the case to the Supreme Court in Kingston.

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 Usain Bolt among other individuals.”

Jamaica’s Financial Services Commission on Tuesday said it had installed its own temporary manager at SSL, following reports of allegations of fraud that had earlier prompted the commission to put the bank under enhanced oversight. 

Kindly leave a comment

Share this Article
Leave a comment