Usain Bolt loses millions of his retirement funds following a scam

 Usain Bolt loses millions of his retirement funds following a scam

Usain Bolt (Image Credit: Twitter)

Former Jamaican sprinter, Usain Bolt has fallen victim to a financial scam. This has resulted in his losing a sum of 12 million USD (97,67,88,000 INR). The amount was invested in the shares of Kingston-based investment company Stocks and Securities. As per the champion athlete’s lawyer, Linton P. Gordon, the eight-time Olympic champion is left with 12000 $ (976788 INR) in the same account.

Gordon added his client is distressed by this news as the account was his private pension. Last week, the Financial Services Commission of Jamaica announced that it had appointed its own temporary manager at SSL. As per the organization’s statements, it was done in response to accusations of fraud allegations that had earlier led the commission to tighten its inspection of the bank.

“Anyone would be distressed by this news,” Gordon said on Wednesday. “This is especially true in the case of Mr. Bolt, who set up this account as part of his private pension.”

Details of the case

The private investment firm, in which the 36-year-old has invested, has been under investigation for some time. The Jamaican government has been under criticism over the matter. One of the officials from the company was forced to quit his job. As reported by the Associated Press, Everton McFarlane, who until recently served as the executive director of Jamaica’s Financial Services Commission, went on leave on Friday and will resign on January 31.

Stocks & Securities Limited informed the authorities in a letter dated January 10 that a manager had allegedly engaged in fraud, which sparked the investigation. Days later, Bolt’s attorneys claimed that his account balance had decreased from approximately $12.8 million to about $12,000. After the preliminary inquiry, a number of senior clients have also been cheated, according to Finance Minister Nigel Clarke.



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