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'Awful': Usain Bolt fans shocked after sprint legend loses $12.7 million in financial scam

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.

Usain Bolt fans shocked after sprint legend loses $12.8 dollars in financial scam in jamaica snt
First Published Jan 19, 2023, 5:07 PM IST

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.

"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:

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