According to Usain Bolt's attorney Linton P. Gordon, the Jamaican sprint legend's account formerly showed a balance of 12.8 million dollars but now only shows a balance of 12,000 dollars.
In a massive blow to one of the greatest sprinters in history, more than 12.7 million dollars from Usain Bolt's account with a Jamaican private investment firm, which authorities are looking into, is missing.
According to Bolt's attorney Linton P. Gordon, the Jamaican icon's account formerly showed a balance of 12.8 million dollars but now only shows a balance of 12,000 dollars. According to CelebrityNetWorth's estimate, Usain Bolt's net worth is around $90 million.
A letter has been sent to Stocks & Securities Limited demanding that the money be returned.
: Lawyers for have written Stocks & Securities Limited (SSL) demanding payment within ten days of just under 13-million USD which have reportedly gone missing from Bolt's account at the entity.
The lawyers warn SSL of possible civil & criminal proceedings. pic.twitter.com/QWkKyRKmzr
"The account was part of Bolt's retirement and lifetime savings," his lawyer, Linton P. Gordon, told Fortune magazine over the phone.
"It's distressing news for anyone, and certainly in the case of Mr. Bolt, who established this account as part of his private pension," Gordon said on Wednesday.
"We will be going to court with the matter" if the company does not return the funds. 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," he added.
Gordon said that Bolt's account was intended to serve as a pension for the eight-time Olympic gold medalist sprinter and his parents.
If the money is not returned within 10 days, the investment firm faces the risk of legal and criminal action. On Stocks & Securities Limited's website, the company asked that clients direct all urgent queries to Jamaica's Financial Services Commission, which is investigating the firm.
The investment firm has stated that several of its clients may be missing millions of dollars and that it detected the theft earlier this month.
Nigel Clarke, the finance minister for Jamaica, described the situation as alarming but added that it was exceptional. "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 attorneys delivered the letter on Monday, the same day the Jamaican Financial Services Commission revealed it had appointed a special auditor to examine fraud claims against Stocks & Securities Limited, a company with its headquarters in Kingston.
Financial regulators said on Tuesday that they would take over the temporary operation of the private investment company. Although it is permitted to continue operating, any transactions require government authorization.
Bolt, who retired in 2017, holds the 100-meter, 200-meter, and 4x100-meter world records. Fans of the legendary sprinter expressed shock over the news of the Jamaican being scammed.
Here's a look at how Bolt's fans reacted on Twitter:
Usain Bolt must chill, money doesn't even bring happiness pic.twitter.com/kaqM5Y9Ojn
— 𝕶𝖆𝖗𝖆𝖇𝖔 彡★ (@karabeast24)Usain Bolt loses $12 million from an account he had with Kingston-based investment firm Stocks and Securities.
DIVERSIFY.
I have 4 Bank Accounts & 3 Demat Accounts ( with different providers) - A logistical hassle but gives me PEACE of MIND. 🎯
The Usain Bolt story cuts me so deep. I feel for him in my very soul. Literally fought and bled to pull himself up all while repping Jamaica and he was violated.
— The Jobfather™️ 🇯🇲🇨🇦🇬🇧 (@TheJobfather__)The situation with Usain Bolt is so upsetting. Absolutely heartless. Also, where is the regulator in all of this?
— J'Moul Francis (@jmoulfrancis)Takes a lotta nerve to rob Usain Bolt of US$12m - that man will catch you in your getaway car, on foot! 😩
— Refilwe Moloto (@RefilWest)I hope he’s able to recover his money in the future pic.twitter.com/N8GFq0gO1U
— Emma Lladró (@EmmaLladro)Usain Bolt returning to the track after losing his money in an investment scam.pic.twitter.com/NDNx2RSioa
— J.R.Harleys Armchair (@JRsArmchair)Usain Bolt is missing $12.7 mn from his bank account, leaving a balance of $12,000 as lawyers of the former world's fastest man threaten an investment firm with criminal action if it isn't returned within 10 days ... Did it disappear the Mpesa way? pic.twitter.com/aOurYHEjwr
— Stephen Mutoro (@smutoro)Usain Bolt looses millions due to fraud 🤬 pic.twitter.com/zfmHYS0c8S
— Very Opinionated (@smalllittlerock)When they catch whoever finessed Usain Bolt pic.twitter.com/od0VdMf362
— Terra - DM FOR PROMO (@TerraDaValid)I don't think people outside the Jamaican diaspora understand how shameful this is, or how bad it looks on the island.
Of all the people to defraud or swindle, why Usain Bolt? He's given Jamaica so much, yet never asked for anything in return. I feel sick just reading up on it. https://t.co/EkdFgBhDLw
This is CRAZY OMG https://t.co/wwvfiqBSxF
— pimp C (@MagnificentCZAR)Black people do this to each other because we understand we’re an unprotected group. You either become a victim or a stereotype. https://t.co/iu21JHgKII
— i’m blonde now (@lunarluxe)Heartbreaking https://t.co/ZJgaSYtyut
— catfish black | Brit_ta_ny (@BellaBrit_ta_ny)Yup this is the worst possible advert for Jamaica, if you can do that to effectively a national hero then none of the rest of us are safe https://t.co/14hIP3Acir
— oxtail connoisseur 🇯🇲 (@_amrxi)