Is Usain Bolt BROKE? Legend loses millions to fraud as FSC starts probe into investment firm SSL
KINGSTON, JAMAICA: A company that manages Usain Bolt's investments is being investigated following allegations that the athlete may have lost millions of dollars to fraud. Following the claims, Jamaica's Financial Services Commission (FSC) has put the firm Stocks and Securities Limited (SSL) under "enhanced oversight."
The 36-year-old retired sprinter had long-term investments with SSL. According to Bolt's manager Nugent Walker, the eight-time Olympic champion had found "discrepancies" with his accounts at SSL on January 11. “All the relevant steps have been taken to come to the bottom of this,” Walker told the Jamaica Gleaner, adding that due to the ongoing investigation he could not disclose the amount of money involved. "Usain has been with this entity for more than 10 years.... His entire portfolio is being reviewed," Walker added.
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According to The Guardian, the account was missing millions of dollars. The FSC said that it was "aware of reports of allegations of fraud" and that SSL's monitoring procedure would enable it to monitor the inflow and outflow of monies and securities. "The FSC will simultaneously continue its investigations into matters related to SSL," it added. With regard to the alleged fraud, SSL claimed that its own internal investigations point to a former employee, and it added that it has "referred the matter to the relevant law enforcement authorities."
After collecting eight Olympic gold medals and 11 gold medals at the World Championships, Bolt announced his retirement from competition in 2017. Bolt broke the 100- meter and 200-meter sprint world records at the 2008 Summer Olympics in Beijing. His time of 9.572 seconds for the 100 meters is still the benchmark. Bolt, who owns world records in the 100-meter, 200-meter, and 4x100-meter relay, is regarded as one of the best track athletes of all time.
He currently holds several lucrative sponsorship agreements. Bolt earned $33 million from sponsorships, prizes, and appearance fees alone in 2016. The final 12 months of Bolt's competitive year on the track saw him earn $31 million, ranking him as the 45th richest athlete in the world according to Forbes Magazine. After victories in the men's 4x100-meter relay at London in 2012 and Rio in 2016, he was denied a hattrick of gold medals since Jamaica had their Beijing 2008 victory stripped away owing to Nesta Carter's failing the doping test.