Celebrated Jamaican athlete Usain Bolt was scammed from around $9,998,000 in his personal Stocks and Securities Limited (SSL) retirement fund early this month.
After Bolt’s team brought the matter to the attention of SSL, the company revealed that it had been doing an investigation into other matters. But until then, the company claims that it was not aware that Bolt had also been affected.
Bolt, the source said, opened the account in 2012 and never made a withdrawal. He is said to have invested just under US$10 million. However, the source stated that only US$2,000 remains in the account.
In addition to the Jamaican athlete, 30 people in total have lost about $1.2 billion from the SSL, due to an internal employee assisting an outside wealth advisor, to which the employee allegedly “confessed”. Though there were initial suspicions raised in August 2022, the scammer was not caught. And the potential recovery of the stolen assets is unknown at this time.
Bolt speaks up
Turning to his social media, Bolt appeared to use the words of one of his songs to telegraph a message to the public.
“In a world of lies where is the truth, the history evil what is the root, (money)” said Bolt, making reference to his song ‘Cryptic World’, which also includes his manager Nugent (NJ) Walker.
The song, which also speaks out against social ills and systemic problems, was released on Bolt’s YouTube channel more than three months ago and has so far garnered over 700,000 views.
Lawyers representing Usain Bolt have written to Stocks and Securities Limited (SSL) giving the company 10 days to return millions of US dollars to him
Previously, the Financial Services Commission (FSC) did report that the SSL was accused of unauthorized sales in the past. Within the report, an FSC entity shared that the SSL overlooks authorization procedures for FSC-based transactions, which has since resulted in the questioning of the SSL by its investors — including Bolt, whose management team previously warned the SSL about the chances of a potential financial scam.
Late last Thursday the Financial Services Commission (FSC) said it has issued directions to SSL barring it from engaging in sales or trading of assets without the permission of the FSC. “These directions are a supervisory tool to allow the FSC to engage an entity in a process of enhanced oversight,” the regulator said. “In the case of SSL, this enhanced oversight reflects the need for the FSC to have a full view of the integrity of the transactions being conducted, including the movement of funds and of securities into and out of SSL.” The FSC also said it will continue its investigations into matters related to SSL.