Eight-time Olympic gold medalist, Usain Bolt is missing $12.7 million from his account with a private investment firm in Jamaica, leaving him with a balance of just $12,000.
Usain Bolt Losses His Money
It was gathered that an investigation has been launched into the missing funds that Bolt had stored in a private investment firm in Kingston.
Bolt’s lawyers told the Associated Press (AP) on Wednesday that Bolt had $12.8 million in that account, but it now has just $12,000.
In a letter sent to Stocks & Securities Limited, Bolt’s lawyers demanded that the money be returned, asserting that it would be a major fraudulent crime against their client.
“If this is correct, and we are hoping it is not, then a serious act of fraud, larceny or a combination of both have been committed against our client,” Bolt’s lawyers wrote in their letter.
Stocks and Securities Limited did not respond to the AP’s request for comment, but the company’s website says it will keep clients updated on the situation as more information becomes available.
“We understand that clients are anxious to receive more information and assure you that we are closely monitoring the matter throughout all the required steps and will alert our clients of the resolution as soon as that information is available,’ the company said.
The private investment company has said that it discovered an alleged fraud earlier this month and that several of its clients may be missing millions of dollars.
Jamaica’s finance minister, Nigel Clarke, called the situation alarming but noted it was unusual.
‘It is tempting to doubt our financial institutions, but I would ask that we don’t paint an entire hard-working industry with the brush of a few very dishonest individuals,’ he said.
Bolt’s lawyers sent the letter on Monday, the same day that Jamaica’s Financial Services Commission announced it was appointing a special auditor to look into fraud allegations at Stocks & Securities Limited, which is based in the capital of Kingston.
On Tuesday, financial authorities said they were assuming temporary management of the private investment firm. It is allowed to keep operating but needs approval from the government for any transactions.
Bolt retired in 2017 as one of the most beloved athletes in Jamaican history. As one of the greatest sprinters in the world, Bolt took home two gold medals in the 2008 Olympics, three gold medals in the 2012 Olympics and three gold medals in the 2016 Olympics.