Bolt loses thousands and thousands of {dollars} to fraud; Jamaican firm beneath investigation

An organization that was tasked with taking good care of Usain Bolt’s investments has come beneath hearth after it was revealed that the previous sprinter might need misplaced thousands and thousands of {dollars} to fraud. The 36-year-old had been related to the monetary firm for over the previous decade.

Nugent Walker, Bolt’s supervisor, advised the Jamaican Gleaner that the nation’s Financial Investigations Division and Financial Services Commission are presently wanting into the case and that Stocks and Securities Ltd (SSL), the corporate in query, is co-operating with the police.

“All the relevant steps have been taken to come to the bottom of this,” Walker mentioned. He additionally added that as a result of there was an ongoing case, he could be unable to disclose the sum of cash that was lacking. Apparently, Bolt had realised that large quantities of cash had been lacking from his accounts on Wednesday.

“He’s been with this entity for over 10 years…His entire portfolio is being reviewed,” Walker added.

The worker in query has been implicated by the corporate already, and could also be on the backside of a widespread fraud, together with Bolt’s. The worker’s lawyer, who mentioned she had been working with him over the previous two weeks, mentioned that talks had been ongoing. “My client is in discussion with SSL and the lawyers representing SSL,” she mentioned.

While Bolt could have retired from the world of observe and discipline in 2017, he’s nonetheless a recipient to many endorsements and sponsorship offers. Just in 2016, Bolt ended up incomes a whooping $33 million {dollars} from his sponsors. These offers included sponsorship agreements with Puma, Hublot, Gatorade and Virgin Media – with the Puma deal netting him $10 million yearly on the time. In 2016, Bolt was incomes roughly ten instances greater than what different observe and discipline athletes had been making financially.