According to reports, Usain Bolt was a victim of a $1.2 billion Jamaican wealth management fraud
Legendary Jamaican sprinter Usain Bolt was allegedly involved in a huge employee fraud scam that culminated in the theft of over $1.2 billion from Stocks and Securities Limited, a wealth management firm (SSL).
Ian MacNicol is a Getty Images contributor.
Usain Bolt competing in the 2012 Olympics.
According to Nugent Walker, Bolt’s manager, SSL had millions of dollars invested in Bolt. Stocks and Securities Limited (SSL) is a brokerage and wealth management firm. According to its website, it offers services like private wealth management and has a major office in Kingston, Jamaica.
How much money does Usain Bolt make?
Usain Bolt is a retired, illustrious sprinter who, along with a select few others, owns the record for the 100 metres with a time of 9.58 seconds. According to his website, he has an eponymous charity that aids children, has produced unique music, and is the owner of eight Olympic gold medals.
According to estimates, Bolt is worth $31 million. He has significant marketing agreements with numerous companies, including Puma, and he also controls the Tracks & Records restaurant chain. He quoted a line from one of his songs that claims that money is the source of all evil on Monday in a Tweet.
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What is the status of the SSL fraud?
Bolt appears to be involved in the significant fraud scandal. According to the Jamaica Observer, SSL admitted to the crime and informed the appropriate authorities after becoming “learned of fraudulent activities by a former employee of the company.”
“To ensure this, we have enhanced internal systems to detect suspect activity in the quickest amount of time possible and taken steps to secure those assets,” it continued. According to two reports, Bolt’s assets were connected to this business. The Jamaica Observer said that, in addition to Walker’s interview, Bolt’s team was alerted about the scam just before it was made public. The source was not named, according to the publication.
The source further stated that Bolt’s investment was just around $10 million and that it is estimated that the fraud involved more than 30 persons and $1.2 billion. This Monday, a different Jamaican government regulator participating in the probe claimed that questionable transactions have been occurring for more than ten years.
Bolt has “been with this organisation [SSL] for over 10 years…His entire portfolio is being investigated,” Walker added in his statement to The Gleaner. According to the website of the government organisation, SSL is now under the authority of Jamaica’s Financial Services Commission (FSC), which also regulates items like mutual funds and pensions. If and how customers will receive their money back is still up in the air. On its website, SSL writes, “We recognise that clients are eager to learn more, and we promise you that we are closely monitoring the case throughout all the necessary procedures and will advise our clients of the resolution as soon as that information is available.”