Who's Ripping Off The Fastest Man In the World? Usain Bolt Missing Millions From Investment Portfolio

Zinger Key Points
  • A private Jamaican wealth management company is under investigation after millions went missing from Bolt's account.
  • Bolt, a 'marketing juggernaut,' is the highest-earning track athlete in the world and in 2018 the world's highest-paid athlete.

An investigation has been launched in Jamaica after millions of dollars reportedly went missing from an investment account belonging to world renown sprinter and eight-time Olympic champion Usain Bolt.

What Happened: Bolt's manager Nugent Walker told the Jamaica Gleaner that Bolt first noticed what appeared to be discrepancies with his accounts at Stocks and Securities Limited late last week. 

Walker said Jamaica’s Financial Investigations Division and Financial Services Commission are looking into the case. The investment firm, Stocks and Securities Limited (SSL), also notified the police.

“All the relevant steps have been taken to come to the bottom of this,” Walker said. “He’s [Bolt] been with this entity over 10 years…His entire portfolio is being reviewed.” 

Walker added that due to the ongoing investigation he could not disclose the sums involved but it is thought to be in the millions. 

The Financial Services Commission (FSC) said it was “aware of reports of allegations of fraud at one of its licensees, Stocks and Securities Limited” and has placed SSL in "enhanced oversight" following the allegations and reports that Bolt may have lost millions of dollars to fraud. 

According to the Gleaner, an SSL employee has been implicated in widespread fraud at the company and may have been involved in the developments surrounding Bolt. 

A lawyer representing the suspected employee told the Gleaner that her client had been talking with legal representatives of SSL for two weeks.

“My client is in discussion with SSL and the lawyers representing SSL,” the attorney said.

Usain Bolt: The Fastest Man In The World

Bolt, now 36, made history as the fastest man in the world in 2007. He won three gold medals in the men’s 100-meter sprint, the 200 and the 4-x-100-meter relay at the 2008 Olympics in Beijing. 

Fun fact: Bolt’s birthday fell during the Beijing Olympics, meaning he earned the first two gold medals as a 21-year-old and won the third at age 22.

After retiring in 2017, Bolt picked up numerous lucrative sponsorship deals. In 2016 alone he earned $33 million from sponsorships, prize money and appearances fees, making him the highest-earning track athlete in the world and in 2018 the world's highest-paid athlete, per Forbes, which called him a “marketing juggernaut.”

Photo: Wikipedia

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