Usain Bolt, the Olympic champion and world’s fastest man, was dismayed to discover that $12 million had vanished from an account he maintained with Stocks and Securities, an investment firm situated in Kingston. Bolt’s lawyer, Linton P. Gordon, estimated that the account had just around $12,000 left. The account contained Bolt’s retirement funds and life savings.
What did Usain Bolt’s attorney say?
Gordon stated that, “Anyone would be distressed by this news. This is especially true in the case of Mr. Bolt, who set up this account as part of his private pension.” In response to fraud charges that had earlier prompted the Financial Services Commission of Jamaica to strengthen its examination of the bank, the commission said on Tuesday that it had chosen its own interim management at SSL.
There are ongoing inquiries concerning the Jamaican Private Investment Corporation, and the government’s handling of the situation has come under fire. One of the worst fraud scandals to ever impact the Caribbean island led to the forced resignation of one top official.
Previously serving as the executive director of Jamaica’s Financial Services Commission, Everton McFarlane took a leave of absence on Friday and will depart his position on January 31, according to a report. An upper-level representative of the Bank of Jamaica will assume his post as the investigation into Stocks and Securities Limited, a business located in Kingston, proceeds.
Usain Bolt’s account balance’s sudden fall
In a letter dated January 10 to the authorities, Stocks & Securities Limited disclosed that an inquiry was underway due to allegations of fraud by management. Days later, Bolt’s counsel said that his account balance had fallen from nearly $12.8 million to about $12,000 at that time.
Despite being retired for more than seven years and is 36 years old, Usain Bolt still participates in sports by making yearly appearances at the Soccer Aid celebrity charity game for UNICEF.
Considering that he alone made $33 million in 2016 through awards, appearance fees, and sponsorships, his financial potential is still substantial. He once signed the largest sponsorship deal with Puma for track and field. He achieved the extraordinary feat of winning three consecutive Olympic gold medals in the men’s 100- and 200-meter events from Beijing 2008 to Rio 2016.
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