Usain Bolt Reportedly Lost Millions in $1.2 Billion Jamaican Wealth Management Fraud
The firm is under investigation by the Financial Services Commission, the country's securities and pension regulator.
Usain Bolt, the legendary Jamaican sprinter, was reportedly caught up in a massive employee fraud scheme that resulted in over $1.2 billion in stolen funds from a wealth management company, Stocks and Securities Limited (SSL).
Bolt had millions invested with SSL, his manager, Nugent Walker, told Jamaica's The Gleaner outlet.
Stocks and Securities Limited (SSL) is a wealth management company and brokerage. According to its site, it has a main office in Kingston, Jamaica, and provides services including private wealth management.
What is Usain Bolt's net worth?
Usain Bolt is a retired, legendary sprinter who holds the world record in the 100-meter (along with a few others) of 9.58 seconds. He holds eight Olympic gold medals, has produced original music, and has an eponymous foundation that supports children, per his website.
Bolt's net worth is estimated to be $31 million. He has major marketing deals with several brands including Puma, and he also owns a chain of restaurants called Tracks & Records.
On Monday, he Tweeted one of his songs and quoted a lyric that says money is the root of all evil:
"In a World of Lies….Where is the Truth?— Usain St. Leo Bolt (@usainbolt) January 16, 2023
The History Evil….What is the Root?…MONEY #CrypticWorld pic.twitter.com/h8BOHp51Cr
What's going on with the SSL fraud?
Bolt is apparently entangled in the massive fraud scandal.
SSL acknowledged the fraud in a statement saying that it became "aware of fraudulent activity by a former employee of the company," per the Jamaica Observer, and had alerted authorities.
"To ensure this, we have taken steps to secure those assets and strengthened internal protocols to detect suspicious activity in the shortest time possible," it added.
Two sources have reported Bolt's assets were involved with this company. Aside from Walker's interview, the Jamaica Observer reported that an unnamed source told the outlet Bolt's team was informed of the fraud just before it became public knowledge.
The outlet has also reported that the fraud is thought to have affected more than 30 people and $1.2 billion, and that Bolt's investment was a little less than $10 million. Another Jamaican government regulator involved with the investigation said this week that transactions of a suspicious nature had been going on for over 10 years.
Walker also told The Gleaner that Bolt's "been with this entity [SSL] over 10 years...His entire portfolio is being reviewed."
SSL is now under the control of Jamaica's Financial Services Commission (FSC) which supervises things like mutual funds and pensions, according to the government entity's site.
It is unclear if or how people will get their money back.
"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," SSL's site says.