Usain Bolt Financial Scam hits the internet as Olympic’s historic eight-times champion may have gotten himself part of a massive scandal revolving around Stocks & Securities Limited. The Jamaican investment firm has now admitted to multiple such crashes happening with many of their clients. What’s going on? Has Usain Bolt’s retirement funds been drowned?

What kind of Financial Scam did Usain Bolt get into?

Usain Bolt Financial Scam
Image courtesy of People.com

It is important to steer clear that Usain did not get into some phishing scam. Instead, it’s some serious problem that has occurred in the firm itself – Stocks & Securities Limited. Lighting Bolt seems to be in a dire financial scam, as it stands.

From a press-shared letter by Bolt’s lawyer, we confirm that Usain Bolt has seen his credits go down from $12.8 million to a rundown balance of only $12,000. 

Jamaican Firm has multiple other clients in their pool of Financial Scam which also press Bolt

SSL
Image taken from SSL’s official website

The Olympic Gold medalist has, however, issued his legal team to take this matter seriously. And Jamaica’s law enforcement has cases filed against the firm besides Bolt’s own problem.

The case, to be more specific, is a complaint against an alleged fraud that may have transpired in Stocks & Securities Limited resource management. And it involves a larger pool of clients, of which Usain Bolt is only a part of. Usain Bolt Financial Scam is not limited to just him.

Who is investigating this matter?

the Jamaica Constabulary Force’s Fraud Squad and the Financial Investigations Division, as per sources, are heading down an investigation into the firm. So as it stands, not only Bolt but many other clients are also suffering from some similar fate.

Bolt’s lawyer Linton Gordon sent a letter to SSL, and it mentions that Bolt’s bank account which should be showing 12.8 million USD suddenly started showing a fund of only $12,000. And this happened “mysteriously”.

Usain Bolt retirement funds – are they all lost?

Usain Bolt Retirement Funds
Image courtesy of CNN

Usain Bolt has been nothing short of historic in its primmest sense. Beginning with Beijing 2008 Olympic games. Besides his Olympic Games Gold Medals, Bolt boasts a proud eleventh World T&F Championship title.

  • In his prime, his net worth peaked at a billion. After his retirement, his net worth is still around $90 million. 

Although no such high-level individual would ever disclose their funds and financial scope, from his net worth alone we can make a few educated guesses. It seems like, even if Usain Bolt’s retirement funds are not all gone, they definitely have been reduced by a lot.

The scam, if it is a valid one, may have taken from Bolt something around $12 million. Net worth does not specify a person’s saved funds or invested stocks. It only specifies their overall net worth – a culmination of all their wealth. Much of his net worth may comprise the properties he owns.

How much Usain Bolt’s Financial Scam may have cost him

  1. So although he may not have lost all of his retirement funds, he definitely lost a good proportion of it.
  2. Gordon (Bolt’s lawyer) also claims in the same letter that ever since his retirement, Bolt has made no further withdrawals or transfers from that account.

“If this is correct, and we are hoping it is not, then a serious act of irregularities, larceny, or a combination of both have been committed against our client,” – reads the letter by Bolt’s legal team. This asserts heavy legal actions if the money is not credited back within a time period of ten days.

Have the firm made any responses?

So far, the company has not made any public responses to Bolt’s legal team. But they have, on their website, asked all clients to direct their questions toward Jamaican Financial Services Commission. 

“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,” it said.

SOURCES: CNN

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Rhytham is a Philosophy graduate who founded a state-level organization that promotes anime and Japanese culture in his home state of Assam India. The org is named Assam Senpai Society. He is also an ardent writer, poet, musician, vocalist, graphic designer, and photoshop artist. He has worked on multiple state and national level conventions. Other than anime, catch him watching western series that really have in themselves the solidity to catch his attention.