TIMES.VG

BVI, Caribbeanand International News
TIMES.VG

Usain Bolt reportedly lost millions in fund fraud

Usain Bolt reportedly lost millions in fund fraud

Usain Bolt, the legendary Jamaican sprinter, was reportedly caught up in a massive employee fraud scheme that resulted in over $1.2 billion in stolen funds from a wealth management company, Stocks and Securities Limited (SSL).
Bolt had millions invested with SSL, his manager, Nugent Walker, told Jamaica's The Gleaner outlet.

Stocks and Securities Limited (SSL) is a wealth management company and brokerage. According to its site, it has a main office in Kingston, Jamaica, and provides services including private wealth management.

What is Usain Bolt's net worth?

Usain Bolt is a retired, legendary sprinter who holds the world record in the 100-meter (along with a few others) of 9.58 seconds. He holds eight Olympic gold medals, has produced original music, and has an eponymous foundation that supports children, per his website.

 Bolt's net worth is estimated to be $31 million. He has major marketing deals with several brands including Puma, and he also owns a chain of restaurants called Tracks & Records.

On Monday, he Tweeted one of his songs and quoted a lyric that says money is the root of all evil:

What's going on with the SSL fraud?

Bolt is apparently entangled in the massive fraud scandal.

SSL acknowledged the fraud in a statement saying that it became "aware of fraudulent activity by a former employee of the company," per the Jamaica Observer, and had alerted authorities.

"To ensure this, we have taken steps to secure those assets and strengthened internal protocols to detect suspicious activity in the shortest time possible," it added.

Two sources have reported Bolt's assets were involved with this company. Aside from Walker's interview, the Jamaica Observer reported that an unnamed source told the outlet Bolt's team was informed of the fraud just before it became public knowledge.

The outlet has also reported that the fraud is thought to have affected more than 30 people and $1.2 billion, and that Bolt's investment was a little less than $10 million. Another Jamaican government regulator involved with the investigation said this week that transactions of a suspicious nature had been going on for over 10 years.

Walker also told The Gleaner that Bolt's "been with this entity [SSL] over 10 years...His entire portfolio is being reviewed."

SSL is now under the control of Jamaica's Financial Services Commission (FSC) which supervises things like mutual funds and pensions, according to the government entity's site.

It is unclear if or how people will get their money back.

"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," SSL's site says.
Newsletter

Related Articles

TIMES.VG
Close
0:00
0:00
Tesla reported record profits and record revenues for 2022
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
Saudi Arabia set to overtake India as fastest-growing major economy this year 
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
UK chaos: Hong Kong emigrants duped by false prospectus
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
If a country is denied the right to independence by another, it is not in a union. It is in a dictatorship.
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
British PM Rishi Sunak pledges further action on strikes to 'protect lives'
Tax fraud verdict again exposes illusion of Trump the master businessman
Tax fraud verdict again exposes illusion of Trump the master businessman.
Double standards: UK lawmakers attack EU chief over Ireland claims
Yellen hints at ‘national security’ probe into Twitter purchase
Elon Musk reinstates Donald Trump's Twitter account.
George W. Bush and Barack Obama will hold back-to-back disinformation conferences
Mission Improbable: Tom Cruise & Queen Elizabeth
Miss Argentina and Miss Puerto Rico are not single anymore
×