Jamaican financial authorities have launched an investigation into a company holding investments for eight-time Olympic gold medallist Usain Bolt after reports that he may have lost millions to large-scale fraud.
Stocks & Securities Ltd, a private wealth management company based in the capital of Kingston, was placed under “enhanced oversight” while the Financial Services Commission (FSC) conducts the inquiry. Bolt’s manager, Nugent Walker, confirmed that the retired sprinter has had investments with the company for more than a decade.
According to sources, Bolt lost close to 10 million dollars. Bolt is said to have invested just under US$10 million. However, the source stated that only US$2,000 remains in the account.
According to a report, Bolt is among more than 30 people believed to have been fleeced by a wealth advisor at SSL, which has since been placed under “enhanced oversight” while the Jamaican Financial Services Commission (FSC) conducts an inquiry.
The FSC said it was “aware of reports of allegations of fraud at one of its licensees, Stocks and Securities Limited (SSL)”. Bolt retired from athletics in 2017 after a career that, in addition to eight Olympic golds, included 11 World Championship titles.
Bolt, who is widely considered as one of the greatest sprinters of all time, has always been known for his dedication and commitment to excellence. He sprung to global fame at the Beijing Olympics in 2008 when he won the 100 metres and 200m sprints, setting new world records in both races.
The Jamaican went on to win both races in the 2012 London and 2016 Rio Games.
Bolt’s 100m time of 9.57 seconds, set in Berlin in 2009, remains the world record and he also retains the fastest time in 200m.
“Usain Bolt’s entire portfolio is being reviewed by the Financial Services Commission in Jamaica, and all the relevant steps have been taken to come to the bottom of this,” said Bolt’s manager Nugent Walker.
