Usain Bolt defrauded off 12 million dollars.
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Usain Bolt, the Olympic champion, is attempting to recoup more than US$12.7 million (S$16.8 million) that vanished from his account with a Jamaican investment firm and is prepared to go to court if necessary, according to his lawyer.
According to lawyer Linton Gordon, the former sprinter received word last week that his account balance at Kingston-based Stocks and Securities Ltd (SSL) had mysteriously dropped to just $12,000.
The goal of Bolt’s account was to provide his parents and the eight-time Olympic gold medalist with a pension.
Anyone would find the news distressing, Gordon said on Wednesday. And undoubtedly in the case of Mr. Bolt, who set up this account as a component of his private pension.
If the business does not return the money, he continued, “We will be taking the matter to court.”
It is a major letdown, and we are hopeful that the situation can be settled so that Mr. Bolt may get his money back and live in peace.
In a statement on January 12, SSL claimed that it had learned of fraudulent behavior by a former employee and had alerted law enforcement to the situation. It also added that it has taken measures to secure assets and enhance protocols. An email and phone calls requesting more information received no quick response from it.
On Monday, the Jamaican Police Force announced that its fraud and financial investigation teams were looking into “possible fraudulent operations at (SSL) that are reported to have damaged the accounts of Mr. Usain Bolt among other individuals.”
Tuesday saw the announcement by Jamaica’s Financial Services Commission that it had appointed its own temporary manager at SSL in response to concerns of alleged fraud, which had earlier led the commission to increase supervision of the bank.
Tuesday night, Finance Minister Nigel Clarke claimed SSL had perpetrated “alarming and despicable fraud” and promised to “bring all criminals to justice.”
Regulators, according to Gordon, have not spoken to either him or his client.
Bolt retired in 2017 after dominating the sprinting world for a decade, bringing back a sport marred by drug scandals, and becoming a household icon like Muhammad Ali and Brazilian soccer legend Pele.
With world records in the 100 and 200 meters, he is regarded as the fastest man in the world.
On Monday, Bolt posted a passage from a song’s lyrics that included the line: “The History of Evil…What is the Root? MONEY.”