Usain Bolt, an Olympic sprinter, had $10 million in “retirement funds” before a massive scam wiped them all out, leaving him with just $2,000 in his account.
Usain Bolt, a celebrated Olympian athlete, reportedly started the new year with a financial loss.
According to a source who told Essentially Sports that “just $2,000 remains in the account,” Usain Bolt was conned out of around $9,998,000 in his own Stocks and Securities Limited (SSL) retirement fund this month.
The Jamaica Gleaner posted the news on YouTube on Thursday, saying that the sprinter had his “retirement savings wiped out” and that he “fears he won’t recover money.”
According to the research, 30 individuals—including the Jamaican athlete—lost a combined $1.2 billion from the SSL as a result of an internal staffer helping an outside financial advisor.
Despite the initial suspicions being raised in August 2022, the con artist evaded capture, and it is currently unknown whether the stolen riches will ever be recovered.
Bolt’s financial struggles probably included income from his Puma ambassadorship, which he started in 2013 and reportedly earned him $10 million annually, according to Reuters.
In November of last year, Bolt posted a tagged Instagram image in support of the company while sporting a golden yellow colorblock pair of sneakers (which are presently out of stock) and a black, coral, and turquoise sweatsuit.
According to Essentially Sports and the Financial Services Commission (FSC), the SSL has previously been accused of making illegal sales.
An FSC company revealed in the report that the SSL disregards authorisation processes for FSC-based transactions, which prompted investors to question the SSL, including Bolt, whose management team had previously forewarned the SSL about the possibility of a financial hoax.
According to SSL, the scam was found in early January, and a wealth advisor who was an ex-employee has been connected to it.
She spoke publicly on January 7.
A day after appointing a special auditor for the company, the Financial Services Commission (FSC), which oversees investment firms, assumed temporary administration of SSL on Wednesday.
However, the FSC is under fire after The Gleaner today published an agency report from February 2017 in which employees said SSL operated with “a culture of non-compliance and abuse of client cash.”
The report went into great detail about a number of alleged SSL shortcomings, such as failing to submit audited accounts, giving clients false information, and keeping extensive inconsistent records of client funds.