Someone needs to bolt into action and figure out what’s going on with Usain Bolt’s money.
The retired Olympic gold medallist discovered he is missing $12.7 million from an account with a private investment firm in Jamaica.
Lawyers representing Bolt sent a letter to Stocks & Securities Limited demanding that the money be returned, according to CBS News. If the money isn’t returned in 10 days, Bolt and his team are threatening criminal and civil action.
CBS News reports that his account, once having $12.8 million, currently reflects only $12,000.
The Guardian reported that in 2016 alone, Bolt earned $33 million from prize money, sponsorships, and appearance fees. “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,” Bolt’s attorneys wrote in the letter.
This looks like something that happens often at Stocks & Securities Limited, headquartered in Kingston.
While CBS couldn’t reach the firm for comment, the company claims similar situations of fraud occurred earlier this month, with several clients missing millions of dollars.
The Guardian reports that an employee working for SSL was named in a widespread fraud case at the company. That same employee could be involved with Bolt’s missing funds.
“My client is in discussion with SSL and the lawyers representing SSL,” a lawyer representing the employee said, according to The Guardian.The company’s website asks that clients send all urgent queries to Jamaica’s Financial Services Commission, which is investigating the 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,” the company said, as told by CBS.
Nigel Clarke, Jamaica’s finance minister, called the situation “alarming,” but doesn’t want people to completely lose faith in the financial institution. “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,” Clarke said.