Usain Bolt reportedly lost $12 million in Jamaican financial scandal
Usain Bolt is threatening to sue a Jamaican financial institution that allegedly lost him over $12 million.
Bolt is one of over 30 clients who invested with Stocks and Securities Limited, which is said to have lost over $1.2 billion after a recently-fired wealth advisor siphoned off funds from clients.
Bolt claims he had about $12.7 million in his accounts as of Oct. 31, 2022. His accounts were down to $12,000 when he checked on January 11 after being alerted to the fraud.
The attorney for the 36-year-old former track star sent a letter on Monday threatening a lawsuit if funds are not returned to Bolt’s accounts within 10 days.
Jamaica’s regulatory authority, the Financial Services Commission (FSC) has since cracked down and stopped Stocks and Securities Limited from taking on new deposits or making any trades.
Bolt seemed to address the situation with a tweet sent on Monday in which he said money was the root of evil.
“In a World of Lies….Where is the Truth?
The History Evil….What is the Root?…MONEY #CrypticWorld pic.twitter.com/vhN0PfKFKz
— Usain St. Leo Bolt (@usainbolt) January 16, 2023
Bolt retired in 2017. He won 8 gold medals during his track and field career. Bolt is the world record holder in the 100 meters, 200 meters, and 4 × 100 meters relay.