Usain Bolt defrauded of $12M life savings, left with $12K

Eight-time Olympic gold medal-winning sprinter, Usain Bolt, was defrauded of millions of dollars in his account with Stocks and Securities Ltd, an investment company based in Kingston.

Usain Bolt defrauded of $12M life savings, left with $12K

The sum of $12 million was reported to have mysteriously disappeared from Bolt’s account in a statement released by his lawyer.

The account with the company was created to act as a pension for both of his parents and Usain Bolt, an Associated Press reported.

“The account was part of Bolt’s retirement and lifetime savings. It’s distressing news for anyone, and certainly in the case of Mr Bolt; who established this account as part of his private pension.

“We will be going to court with the matter” if the company does not return the funds.

“It is a grave disappointment, and we are hoping that the matter will be resolved in a way that Mr Bolt will recover his money and be able to live in peace,” his lawyer, Linton P. Gordon, told Fortune magazine over the phone on Wednesday.

Stocks and Securities Ltd said in a statement on January 12 stated that it was aware of the fraudulent transaction orchestrated by a former employee of theirs and has alerted necessary authorities.

It also assured that necessary precautions to secure customers’ assets are put in place to avoid such repeating itself.

Jamaica’s Finance Minister, Nigel Clarke reacted to the development with claims that SSL had committed “alarming and evil fraud” and promised to “bring all perpetrators to justice.”

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