Usain Bolt Suffered $12 Million Loss In Savings In Alleged Fraud

Usain Bolt made a name for himself after his record-breaking performances during the Olympics over the past several years. While he is undoubtedly one of the fasted men alive, it seems he couldn’t outrun a fraud that ended up costing him millions of dollars.

Usain Bolt’s legal team has alleged that the Olympic sprinter has been defrauded, resulting in the loss of over $12 million from his accounts. This is clearly a very unfortunate incident for Bolt.

According to a letter that the Associated Press obtained from Bolt’s attorney, the Jamaican sprinter recently found that his retirement savings account, which Bolt holds with Kingston-based investment firm Stocks and Securities Ltd., reflects a balance of only $12,000. There was previously $12.8 million in the account.

“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,’’

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Bolt’s legal team has threatened to take both civil and criminal action if the missing funds are not returned within 10 days. In response, Jamaica’s Financial Services Commission has launched an investigation into the firm and has assumed temporary authority over the private investment firm.

“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,’’ Stocks & Securities Limited wrote in a statement on its website.

In the meantime, Jamaica’s finance minister, Nigel Clarke, released his own statement, where he called the incident alarming and something that people should be aware of.

“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.”

It is certainly very unfortunate that Usain Bolt was a victim of such a massive fraud. We certainly hope Bolt will be able to get his money back. In the meantime, keep checking back at Thirsty For News for all your needs.

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