Jamaica Legendary Sprinter Usain Bolt Loses Roughly $10M on Fraud
Usain Bolt, the Jamaica legendary sprinter, lost roughly $10M of his retirement fund in a massive fraud by a Jamaican investment company. Photo by Alex Davidson/Getty Images

Jamaica's legendary sprinter Usain Bolt has been left with nearly nothing in his retirement money after a scammer stole around $10 million, reports said.

The legendary sprinter is now concerned that he will never see any of the money he invested in Stocks and Securities Limited (SSL) again.

According to Jamaica Observer, whether his money will ever be recovered is still being determined.

The Jamaican investment company, SSL, confirmed on January 16 that Bolt had created an account with them in 2012, but he had yet to withdraw any money.

The legendary Jamaican sprinter allegedly put in a little under $10 million. A source, however, told the outlet that he only had $2,000 left, according to The Economic Times.

It is believed that the SSL investments of more than 30 people, including Bolt, were utterly wiped out by a wealth adviser.

The investment firm has reportedly been placed under the supervision of the Jamaican Financial Services Commission (FSC), which has initiated an investigation.

Jamaica FSC Investigates Jamaican Investment Company SSL

The Financial Services Commission (FSC) of Jamaica has opened an inquiry into possible fraud in the cases of Usain Bolt and other alleged victims.

According to Jamaica Observer, the total loss is over $1.2 billion. SSL can only engage in sales or trade activities after first obtaining FSC approval.

A source told the outlet that the inquiry is focused on the wealth advisor of SSL. However, it is possible that other people were also involved in the fraud.

Moreover, some accounts have been impacted by suspicious activity for more than 10 years.

Usain Bolt made an estimated $10 million a year from his shoe sponsor, Puma, in addition to his prize money.

The world record holder, however, supplemented his track and field earnings with other ventures, such as a chain of restaurants in Jamaica.

He was ranked #45 on Forbes' list of the highest-paid athletes in 2018. However, according to Runner's World, he has since been dropped off.

Usain Bolt Lawyers Give SSL 10 Days to Return the Money

Usain Bolt's legal team has given SSL 10 days to return the stolen funds from the retired Olympian's account.

An ex-employee already under investigation for something unrelated to the case contacted Bolt's camp to report the theft last week.

The unnamed offender nearly drained the athlete's account. Bolt reportedly deposited some $8 million in interest-bearing accounts to SSL in 2012.

The wealth advisor, who had been with the company for more than 25 years before she was recently fired, allegedly siphoned off a huge portion of the money before the fraud was discovered.

She also reportedly robbed more than 20 additional clients whose accounts she managed.

Legal representatives for Usain Bolt have formally requested that SSL repay the stolen money or face legal action. His lawyers are demanding payment of over $12.7 million within 10 days.

Reacting on the issue, Usain Bolt has posted a cryptic message on his Instagram account.

He wrote: "In a World of Lies... Where is the Truth? The History Evil... What is the Root?.. MONEY."

This article is owned by Latin Post.

Written by: Bert Hoover

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