Jamaica launches fraud probe after Bolt reports millions of dollars missing

Bolt’s millions of dollars goes missing

A company that manages investments for sprinting legend Usain Bolt is reportedly being investigated following accusations that he may have lost millions of pounds due to fraud.

After a career that has seen him widely considered as one of the greatest athletes of all time, Bolt is thought to have a net worth of around £70 million.

In his prime, he was earning tens of millions of pounds each year, with Forbes reporting that he had earned more than £25 million in the 12 months preceding his final Olympics in 2016.

Financial authorities in Jamaica have stated that they are looking into fraud allegations at Stocks & Securities Ltd, a private wealth management firm situated in Kingston, Jamaica.

Following the allegations, Jamaica’s Financial Services Commission (FSC) has now put the company under “enhanced oversight.”

The Gleaner report claims that millions of dollars were missing from the account.

According to the FSC, it is “informed of reports of charges of fraud,” and the monitoring procedure will enable it to track the flow of money and securities into and out of the investment trust.

‘The FSC will simultaneously continue its investigations into matters related to SSL,’ it added.

SSL have intimated that a former employee was behind the alleged fraud and added it had ‘referred the matter to the relevant law enforcement authorities’.

Bolt retired from sports in 2017 following a career that produced eight Olympic gold medals as well as 11 World Championship wins.

He rose to international prominence in 2008, when he won the 100m and 200m sprints, breaking new world records in both categories.

The Jamaican went on to win both races in the 2012 London and the 2016 Rio Olympics.

Bolt’s 100m time of 9.57 seconds, set in Berlin in 2009, still stands as the world record, and he also has the quickest 200m time.