Bolt loses millions of dollars to fraud; Jamaican company under investigation

A company that was tasked with taking care of Usain Bolt’s investments has come under fire after it was revealed that the former sprinter might have lost millions of dollars to fraud. The 36-year-old had been associated with the financial company for over the past decade.

Nugent Walker, Bolt’s manager, told the Jamaican Gleaner that the country’s Financial Investigations Division and Financial Services Commission are currently looking into the case and that Stocks and Securities Ltd (SSL), the company in question, is co-operating with the police.

“All the relevant steps have been taken to come to the bottom of this,” Walker said. He also added that because there was an ongoing case, he would be unable to reveal the sum of money that was missing. Apparently, Bolt had realised that massive amounts of money were missing from his accounts on Wednesday.

“He’s been with this entity for over 10 years…His entire portfolio is being reviewed,” Walker added.

The employee in question has been implicated by the company already, and may be at the bottom of a widespread fraud, including Bolt’s. The employee’s lawyer, who said she had been working with him over the past two weeks, said that talks were ongoing. “My client is in discussion with SSL and the lawyers representing SSL,” she said.

While Bolt may have retired from the world of track and field in 2017, he is still a recipient to many endorsements and sponsorship deals. Just in 2016, Bolt ended up earning a whooping $33 million dollars from his sponsors. These deals included sponsorship agreements with Puma, Hublot, Gatorade and Virgin Media – with the Puma deal netting him $10 million annually at the time. In 2016, Bolt was earning roughly ten times more than what other track and field athletes were making financially.

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