Technology & Business
Usain Bolt’s 2012 $10M Retirement Fund Wipe Out, Without Him Withdrawing Anything
Usain Bolt Retirement Fund Wipe Out
Usain Bolt, a legendary sprinter from Jamaica, is facing the wipeout of a significant investment he made at Stocks and Securities Limited (SSL), and he is now worried that the retirement money he had intended to receive in his later years would probably not be recovered.
According to a Jamaica Observer source, Bolt’s management team received the information last week, right before the business disclosed a big scam that is believed to have cost more than $1.2 billion.
Bolt is one of more than 30 individuals whose SSL assets are thought to have been defrauded by a wealth advisor.
Sometimes last week Thursday SSL issued a statement saying that it had “become aware of fraudulent activity by a former employee of the company”.
The company said that following initial internal investigations it “referred the matter to the relevant law enforcement authorities to facilitate a thorough and complete examination of all aspects of the matter”. Added the company, “To ensure this, we have taken steps to secure those assets and strengthened internal protocols to detect suspicious activity in the shortest time possible.”
The company also said it would “continue to liaise and cooperate fully with law enforcement throughout this investigation and ensure that the responsible party faces the full consequence of the law”.
Usain Bolt’s attorneys have written to Stocks and Securities demanding that their client be paid the US$12.7 million reflected on his account prior to the uncovering of a massive case of fraud at the institution. The lawyers have set a deadline of 10 days. pic.twitter.com/alWdBM7jXt
— Andre Lowe (@AndreLoweJA) January 17, 2023