Retired sprinter Usain Bolt, who holds 8 gold medals for his stellar track & field performances, alleged last month that nearly all of his money disappeared from his private investing account.
Following his retirement from competitive sprinting, the runner announced his next phase in life would be as a business contributor. “I have a lot of things in the pipeline, so as I say, I’m just dabbling in everything and trying to be a businessman now,” he said at the time.
Since then, he has built a substantial amount of wealth through investments, which totaled nearly $13 million. However, Bolt’s account is now supposedly at just $12,000 after originally holding $12.8 million.
Attorney Linton P. Gordon, who represents the Olympian, penned a letter to the Associated Press in which he requests the Stocks & Securities Limited company return the lost funds to Bolt.
“If this is correct, and we are hoping it is not, then a serious act of fraud, larceny, or a combination of both has been committed against our client,” Gordon wrote in the letter. Additionally, the lawyer threatened both civil and criminal action if the money is not returned within 10 days.
In response, the company offered little information about its plan to assist Bolt. Stocks & Securities detailed, “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.”
Usain Bolt’s personal investment account investigation concludes a former employee committed fraud
Jamaica’s Financial Services Commission proceeded to launch its own investigation into the company and assumed temporary management of SSL. Per the investigation, the fraud was allegedly committed by a client relationship manager at SSL. Jamaica’s Financial Services Commission also denied fraud of this level being a common occurrence.
“Employee theft is a risk all businesses face and is a risk that businesses for the most part, and in particular financial institutions, take very seriously,” Everton McFarlane, executive director at the FSC, relayed to reporters.
McFarlane added the sentiments, “This despicable act of dishonesty by an employee at SSL, and possibly with collaborators, we believe cannot be taken as symptomatic of the risk for the entire industry.”
Stocks & Securities Limited have since disciplined the former employee and turned the incident over to law enforcement.
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