Usain Bolt loses $12.7m in investment firm

Jamaica’s Olympic sprinting champion, Usain Bolt, has lost over $12.7 million in his account with a private investment firm in Kingston, Stocks and Securities Limited.

A lawyer of one of the world’s greatest ever sprinters, Linton P Gordon, in a letter sent to Stocks and Securities Limited demanded that the money be returned.

He said Bolt’s account now reflects a balance of only $12,000.

“If this is correct, and we are hoping it is not, then a serious act of fraud larceny or a combination of both have been committed against our client,” the lawyer noted.

Gordon also threatened civil and criminal action if the money is not returned within ten days.

Stocks and Securities Limited did not immediately respond to a request for comment.

On its website, the company asked that clients direct all urgent queries to Jamaica’s Financial Services Commission, which is investigating the firm.

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“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,” the company said.

According to Dailymail, private investment company had said it discovered an alleged fraud earlier this month, adding that several of its clients may be missing millions of dollars.

Reacting, Jamaica’s finance minister, Nigel Clarke, called the situation alarming.

“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,” Clarke said.

Usain Bolt, 36, who retired in 2017, holds the world records for the 100 meters, 200 meters and 4×100 meters.

His net worth is estimated to be $90 million, according to Celebrity Net Worth.

At the height of his career, in 2015 and 2016, the 6ft 4in sprinter was thought to be earning more than $31 million a year, Sportskeeda reports.

Bolt is the brand ambassador of Puma, earning him around $10 million annually during his running days.

Despite retiring five years ago, Bolt still earns some $4 million per year for wearing its clothing.

The Star