Usain Bolt’s $10 million scam explained

By Kunal Singh

Modified Mar 13, 2024 11:31 GMT

Usain Bolt, a Jamaican sporting legend, is often regarded as the greatest sprinter of all time. However, he recently became a victim of money fraud.

Bolt lost his retirement funds when a scammer stole almost $10 million, leaving the world's fastest man with virtually nothing, according to sources.

According to Linton P. Gordon, the famed athlete's attorney, $10 million went missing from Bolt's account. According to the report, an investment business called Stocks and Securities Limited, where Bolt deposited his money, has been put under surveillance. The Jamaican Financial Services Commission (FSC) has opened an investigation.

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Usain Bolt loses all his retirement money

Usain Bolt's investment management business came under scrutiny when it was discovered that the former sprinter may have lost millions of dollars to fraud. The 36-year-old has been employed by the banking institution for more than 10 years.

Usain Bolt created an account with SSL, a local Jamaican investment firm, in 2012, but hasn't taken a withdrawal since, according to a report on January 16. Bolt is said to have invested a little under $10 million, according to the article. But according to a source, he just has $2,000 left at this point.

Bolt is one of more than 30 people whose SSL assets are said to have been destroyed by a wealth consultant and who are thought to be the victims of fraud.

Additionally, SSL has stated that its agents were unable to apprehend the fraudster. Apparently, the business was not aware that Bolt was a victim of fraud.

Bolt's financial income probably included money from his Puma ambassadorship, which he started in 2013 and, according to Reuters, paid him $10 million annually.

In November last year, Bolt posted a tagged Instagram image in support of the company while sporting a golden yellow colored block pair of sneakers.

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Usain Bolt's lawyer to file a case against the company

The money, the Jamaican sprinting champion said, was in his account in October 2022 and must be paid by the investment firm SSL within 10 days. According to Mint, Bolt's attorney Linton Gordon threatened legal action in a letter written to SSL on January 16 if the money owed to Bolt was not restored within 10 days.

According to reports in the local press, Bolt's management was notified of the theft last week. It was done by a former employee who was already under investigation for a different, unconnected infraction.

She allegedly fully drew off the star athlete's money, which had been deposited since Bolt started the account in 2012 and totalled over USD$10 million. But she also allegedly scammed up to 20 other clients whose accounts she oversaw.

The person accused of being involved in the scam was still employed by the firm as of January 11, a source told The Jamaica Observer, and SSL has known about it since August.

Usain Bolt at the 16th IAAF World Athletics Championships London 2017

This financial setback to Bolt comes years after his retirement. The man who won the 100-meter, 200-meter, and 4X100-meter golds in three successive Olympics has a new challenge in his life. This one though, is off the racing track.