NewsOne Featured Video
Athletics - Olympics: Day 13

Usain Bolt of Jamaica celebrates winning the Men’s 200m Final on Day 13 of the Rio 2016 Olympic Games at the Olympic Stadium on August 18, 2016, in Rio de Janeiro, Brazil. | Source: Cameron Spencer / Getty

Usain Bolt wowed the globe with his feats on the track, setting world records in the 100M, the 200M and the 4x100M, but now the sprinter and his lawyers are accusing a private investment firm in his native Jamaica of taking nearly $13 million from his account.

According to the Associated Press, authorities are investigating the matter as Bolt’s attorney sent a letter to Stocks & Securities Limited demanding the sprinter’s money be returned. Per attorney Linton P. Gordon, Bolt’s account once held $12.8 million but now reflects a current balance of only $12K.

“If this is correct, and we are hoping it is not, then a serious act of fraud larceny or a combination of both have been committed against our client,” Gordon wrote in his letter.

The firm faces a threat of civil and criminal action if the money is not returned within ten days. Jamaica’s Financial Services Commission (FSC) is investigating Stocks & Securities Limited (SSL).

“We understand that clients are anxious to receive more information and assure you that we are closely monitoring the matter throughout all the required steps and will alert our clients of the resolution as soon as that information is available,” the company said.

There has been a culture of corruption in Jamaica’s financial business sector in recent years, according to the Gleaner, a top news outlet in Jamaica.

The Gleaner reported on Wednesday:

… the FSC is facing scrutiny after The Gleaner today reported on a February 2017 agency report in which staff described SSL has operating “a culture of non-compliance and mismanagement of client funds”. 

The report detailed numerous alleged failings of SSL including the failure to submit audited accounts; providing misleading figures for clients, and having widespread inconsistencies in records of client funds.

The FSC noted that for the five years and six months leading up to February 2017, the company had been operating under its directions and “has remained a problem institution”. 

At the time, the regulators threatened to suspend SSL’s operating licence if it failed to address the problems.

It’s not clear what happened since. 


Usain Bolt Says Sha’Carri ‘Talking Sh*t’ Upset Jamaicans: “Back It Up”

Fastest Man In The World: 10 Interesting Facts You Probably Didn’t Know About Usain Bolt

Jamaican Firm Alleged Over Usain Bolt’s Missing Money Faces Legal Action For ‘Fraud Larceny’  was originally published on