Usain Bolt 'shocked and disappointed' over not being able to recover his $12.7m lost in SSL fraud, says attorney Linton Gordon

By Zahid Rashid Dar

Modified Oct 06, 2024 18:37 GMT

Eight-time Olympic champion Usain Bolt is disappointed over not being able to recover his $12.7 million savings lost in the Stock and Securities Limited scam, his attorney Linton Gordon said. The Jamaican had invested his money for retirement savings but the company reportedly defrauded him and other investors in 2023 of over $30 million.

Bolt is arguably the greatest sprinter in history, having won the 100m and the 200m title three consecutive times at the Olympic Games while also holding the world records in those events. Following his third double at Rio Olympics, he earned a staggering $34 million annually, Puma being the biggest contributor with over $10m.

However, Bolt may have invested his money earlier as well as an account of his holding company Welljen was reportedly opened in SSL in 2012. The sum had supposedly crossed over $12 million when the fraud was uncovered in January 2023. While several investigations have been going on in the case, no substantial result has come out yet.

Speaking with The Jamaica Gleaner in an interview, Bolt's attorney Linton Gordon said that the world record holder was ‘frustrated’ over the lack of transparency in the investigation.

“He’s very frustrated and disappointed. He’s simply shocked and disappointed to know a country he has put on the map and he put his money in an institution here, that he has lost it or he can’t get it back,” he said.

While Gordon also claimed that the Jamaican wanted to know the person who was behind the fraud, Bolt posted a cryptic tweet earlier this week.

“They banking on the country youth love for his country but ask yourself, do they love their country or themselves," Usain Bolt wrote.

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Usain Bolt does have a chance of recovering his stolen $12.7 million

F1 Grand Prix of Abu Dhabi -Usain Bolt artives (Source: Getty)

While the investigations are still going on in the case including from the FBI, Usain Bolt could get his money back after Jamaica’s state regulator Financial Services Commission announced that they were resolute in returning the money lost in SSL fraud, which is reported to be over.

“The FSC remains resolute in its mission to facilitate the fair treatment of SSL investors. This vigilant oversight is crucial to ensuring that SSL meets its obligations to clients in a timely and transparent manner, in alignment with the legal and regulatory framework established by the Securities Act,” the FSC Director said in a press release. (via CarribeanLife)

SSL has also indicated to issue a payout, which is reported to be from the SSL's international securities client portfolio sale.