Usain Bolt’s attorneys claim that the Olympic champion lost about $12 million from an account that was supposed to help him pay for his retirement. The 36-year-old had deposited the cash in a Stocks and Securities Ltd. account in Kingston, but on January 18, his attorney asserted that only approximately $12,000 remained of the millions that had been there. According to Linton P. Gordon, Bolt’s life savings were in the account, but since the money vanished, regulators have not gotten in touch with either him or Bolt.
A Huge Surprise
The day before Gordon revealed the money had vanished, the Jamaican Financial Services Commission announced that, in response to concerns of fraud claims, it had appointed its own temporary manager to the investment firm. A copy of the letter Gordon wrote Stocks & Securities Limited on January 16 demanding the money be returned within 10 days or the company will face civil and criminal action was made available to the Associated Press by Gordon.
Quite the Odd Occurrence
As the Jamaican Financial Services Commission continues to look into the company, Stocks & Securities Limited requests on its website that customers direct any questions to the commission. Earlier this month, Stocks & Securities Limited disclosed that it had learned of the alleged scam and stated that several of its clients may be missing millions of dollars. Nigel Clarke, the finance minister for Jamaica, noted that although the situation was concerning, it was also quite exceptional.
NIgel Clarke had then stated: “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.” While the Financial Services Commission conducts its investigation, the company is permitted to continue operations, but all transactions require government authorization. After setting world records in the 100-meter, 200-meter, and 4×100-meter relay events, Bolt ended his athletic career in 2017.
