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Usain Bolt's savings go from 12 million to 12,000 dollars after a financial scam


The former sprinter is one of those affected by the fraud of an investment fund that the Jamaican government is already investigating. His lawyers demand the restoration of the money in 10 days or threaten with "a large lawsuit"

More than $12.7 million has disappeared from Usain Bolt's account at a Jamaican investment firm.

An alleged multi-million dollar scam that the 36-year-old former Olympic sprinter has publicly denounced through his lawyers, who ensure that the athlete is willing to go to court to recover all the money from him.

To this is added, in addition, that the country's authorities have also spoken out and been involved in the case.

The facts date back to last week, when Bolt was informed that his account balance at Stocks and Securities Ltd (SSL), based in the Jamaican city of Kingston, had inexplicably dropped to $12,000, according to what he said last Tuesday. to Reuters Linton Gordon, the athlete's lawyer.

On October 31, 2022, his balance was that of a millionaire person who had more than $12 million, but that figure disappeared at the speed of light and dropped to $12,000 on January 11.

“We will go to court” if the company does not return the funds, the lawyer said last week.

This account was intended to function as a pension plan for the eight-time Olympic medalist and winner of 11 world titles, as well as his parents, according to Bolt's lawyer.

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“In a world of lies… where is the truth?

The Evil of History... What is the root?... Money ”, the former sportsman has written on his social networks, a single message about his situation that has been accompanied by a totally black photograph.

Bolt, apparently, now only has $2,000 left of the million-dollar amount that he began depositing in that account in 2012 and from which, according to what he claimed, he never made withdrawals.

Meanwhile, his representative, Nugent Walker, confirmed that an investigation was aimed at recovering the millions of dollars.

This Thursday, the former sprinter's lawyers have spoken again and have given the firm 10 days to return the million-dollar investments of the athletics star or face a lawsuit.

“The Frater, Ennis & Gordon law firm has given SSL 10 days to deliver the money Bolt invested 10 years ago,” the notice published in local media states.

A note that also included a warning to the firm: "If they do not return the money in record time, they will face a great lawsuit."

View this post on Instagram

A post shared by Usain St. Leo Bolt (@usainbolt)

The announcement came on the same day that Everton McFarlane, the executive director of the Jamaica Financial Services Commission (FSC), promised to publicly disclose the result of the investigations they are carrying out into the alleged Multi-million dollar fraud discovered at investment firm.

In addition, he assured that the FSC will take steps to help institutions strengthen their mechanisms to detect and prevent fraud.

McFarlane noted that the level of fraud discovered in SSL has "never happened before" and is "a despicable act of dishonesty on the part of an employee and possibly partners."

The fraud could have reached $1.2 billion and affected more people than Bolt.

Even the Jamaican Finance Minister has weighed in on this financial scandal.

Yesterday, Thursday, Nigel Clarke affirmed that all those involved in the alleged fraud against the former Jamaican sprinter will be condemned, which he has described as "alarming and evil".

Some statements that were added to those he had already made on Wednesday: "I am shocked and feel a deep level of anger and disgust at the alarming and perverse fraud that has allegedly been committed," said the Finance Minister.

"Jamaica is the leading financial center of the English-speaking Caribbean and we will do everything in our power to protect Jamaica's position in this regard," he added.

Last week, SSL revealed that several of its clients had lost millions of dollars in local and foreign currencies that they had invested in the company.

Bolt, retired from the world of athletics since 2017, would be one of 30 victims whose investments in SSL were allegedly diluted by an employee of the firm.

"This is a great disappointment, and we hope that the matter will be resolved so that Mr. Bolt gets his money back and can live in peace," is all SSL has said so far in a statement published on January 12.

In the note, the company says it had become aware of fraudulent activity by a former employee and referred the matter to the police, adding that it had taken steps to protect assets and strengthen protocols.

Source: elparis

All news articles on 2023-01-20

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