With a company which looks after Usain Bolt's investments is under investigation, the burning question that was being raised remained; “who stole his millions?” After reports that the multi-Olympics winning legend may have lost millions of dollars to fraud, officials in his Jamaica homeland launched a major investigation after the sprint star said $12.7 million which he deposited into a brokerage account read $12,000 instead.
Following rigorous investigations by the Financial Services Commission (FSC), officials launched a probe into Kingston-based brokers, Stocks and Securities Limited, following reports of the missing millions of USDs (US dollars) from his account. The FSC did say that it was fully aware of reports of allegations of fraud and that the oversight process would allow it to see the movement of funds and securities into and out of SSL.
It went on, adding: "The FSC will simultaneously continue its investigations into matters related to SSL." SSL suggested that following its own internal investigations, a former employee may well have behind the alleged fraudster and added that it had referred the matter to the relevant authorities.
Following the probe, SSL's website removed the listing of its two directors, Jeffrey Cobham and Hugh Croskery, with a notice saying that the firm is now under the control of the FSC. Bolt's attorney Linton P. Gordon and representatives for SSL did not immediately respond to inquiries into the scandal.
His attorney, Linton P. Gordon, said: “We will be going to court with the matter' if the company does not return the funds. It is a grave disappointment, and we are hoping that the matter will be resolved in a way that Mr. Bolt will recover his money and be able to live in peace.”
The Jamaica Constabulary Force said that its fraud and financial investigation teams were probing 'alleged fraudulent activities at SSL. Bolt’s manager, Nugent Walker, said that the sprinter invested with Stocks & Securities Ltd for over a decade, but now his entire portfolio will be reviewed.
With an estimated net worth of around $90 million, the 36-year-old eight-times Olympics gold medal-winning sprint champion’s account was intended to serve as a pension for him and his family. The head office of Stocks and Securities Ltd., one of just 15 registered broker/dealers on the Jamaican Stock Exchange, is now embroiled in what is fast becoming a widening scandal.
Having also won 11 World Championship gold medals, Bolt, who retired from athletics in 2017, set new world records for the 100m and 200m sprint at the 2008 Beijing Olympics. He set new world records for the 100m and 200m sprint, with his 100m time of 9.572 seconds remaining as a world record.