Usain Bolt ‘defrauded’ of $12.7m life savings

Usain Bolt, former Olympic sprint champion, has lost more than $12.7 million to alleged fraudulent activities.

According to Linton Gordon, Bolt’s lawyer, the money is missing from his account in the coffers of Stocks and Securities Limited (SSL), a Jamaican investment firm.

The lawyer also provided The Associated Press with a copy of a letter sent to SSL demanding that the money must be returned.

Gordon was quoted to have said that Bolt’s account, which earlier had $12.8 million, is now reflecting a balance of $12,000.

Bolt is said to have had investments with SSL for over a decade. It was gathered that the account includes a part of the athlete’s retirement and life savings.

Gordon added that the Jamaican authorities had been informed about the development, while SSL could be taken to court if discrepancies are not resolved.

 “The account was part of Bolt’s retirement and lifetime savings,” the lawyer said, according to Daily Mail.

“It’s distressing news for anyone, and certainly in the case of Mr Bolt, who established this account as part of his private pension.

“We will be going to court with the matter if the funds are not returned.

“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.”

Reacting to the development, SSL revealed that its own internal investigations suggest a former employee was behind the alleged fraud.

It added that it had “referred the matter to the relevant law enforcement authorities”.

On its part, Jamaica’s Financial Services Commission (FSC) said it was “aware of reports of allegations of fraud” and has begun an investigation on SSL.

Jamaica Gleaner last week reported that a former employee at SSL has been implicated in a massive fraud at the company, and may have been involved in the developments surrounding Bolt.

Bolt is an eight-time Olympic gold medal winner. He is the world record holder in the 100-meter and 200-meter races.