Beautiful Virgin Islands

Tuesday, Sep 17, 2024

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

Beautiful Virgin Islands
0:00
0:00
Close
Starmer Interested in Italy's Albania Asylum Plan: Meloni
Traffic to be Banned from London's Oxford Street under Sadiq Khan's Plan
Sky Betting & Gaming Reprimanded for Data Misuse
Ex-BBC Anchor Huw Edwards Sentenced Over Indecent Images of Children
UN Chief Criticizes Israel's Collective Punishment of Palestinians
High School Dropout Turned Billionaire and Space Tourist
FBI Investigates Assassination Attempt on Trump in Florida
A History of Assassination Attempts on US Leaders
UK Drops Harvey Weinstein Indecent Assault Charges
David Lammy Defends Political Donors Funding Clothing for UK Leaders
Starmer Pressured to Distance UK from Italy’s Immigration Approach
UK Airport Expansion Plans Amid Controversy
Columnists Resign from Jewish Chronicle Over Fabricated Gaza Articles
Jeremy Corbyn Advocates for New Leftwing Party
Successful Splashdown of SpaceX Polaris Dawn After Pioneering Private Spacewalk
UK Royal Family Extends Birthday Wishes to Prince Harry
Switzerland Unveils Alps, a High-Speed Supercomputer for AI
Hong Kong Criticizes UK Lawyers for UN Appeal on Behalf of Jimmy Lai
Keir Starmer Accused of Breaking Rules Over Party Donor Gifts
Poorest Families in UK Forced to Sleep on Floors Due to Lack of Beds
Ed Davey Urges Immediate NHS Investment
Staff Overwhelmed Due to New Child-to-Staff Ratio Rules in English Nurseries
US and UK Alarmed Over Potential Iran-Russia Nuclear Collaboration
Father Convicted of Rape Stripped of Parental Responsibility
Van Gogh's 'Sunflowers' Series Displayed Together for the First Time in London
Queen Elizabeth II Statue Sparks Debate in Northern Ireland
Prince Harry Turns 40 Amid Royal Family Estrangement
British Policing Minister's Bag Stolen at Police Conference
UK To Implement Junk Food Ad Ban to Combat Childhood Obesity
UK Prime Minister Keir Starmer Visits US for Talks with President Biden
‘Living Nostradamus’ Fulfills Four Predictions, Foresees More Events
AI's Role in Changing Belief in Conspiracy Theories
Russia and Ukraine Exchange 206 Prisoners in UAE-Brokered Deal
Gisele Pelicot: From Survivor to Feminist Icon
Royal Navy's First 'Narco-Sub' Drug Seizure in the Caribbean
Northern Lights Illuminate Skies Over the UK
Citizens' Jury Supports Change in Assisted Dying Law
Russia Can End the War Now, Says PM as Putin Warns West
SpaceX Polaris Dawn Crew Makes History With First Private Spacewalk
Jon Bon Jovi Heroically Rescues Woman on Nashville Bridge
Fragmented EU Defence Industry Needs Urgent Coordination
Keir Starmer Accused of Concealing Impact of Winter Fuel Payment Cuts on Pensioners
Keir Starmer Urged to Publish Winter Fuel Payments Impact Assessment
Ex-CIA Officer Sentenced to 10 Years for Espionage
UK Economy Stalls for Second Consecutive Month
Downing Street to Begin Search for New Cabinet Secretary
UK Government Introduces Bill to Ban Rental Bidding Wars
Scottish Opposition Questions Cuts to Free School Meals and Rail Fares
NHS Delays in England Cause Thousands of Unnecessary Deaths, Inquiry Reveals
NHS Restricts Obesity Services across England, Investigates BMJ
×