Bank Reportedly Loses $12 Million of Usain Bolt’s Life Savings
Usain Bolt's investment business said that $12.7 million is missing from his account, slowing him down.
Bolt, a Jamaican racing great and eight-time Olympic gold medalist, has engaged an attorney and threatened to sue Kingston-based Stocks & Securities, which maintained the account containing the stolen cash.
Bolt's attorney, Linton P. Gordon, claimed the account represented his retirement and lifelong savings. “It's upsetting news for anybody, especially Mr. Bolt, who created this account as part of his private pension.
"If this is accurate, and we are hoping it is not, then a severe crime of fraud, larceny, or both has been done against our client," Gordon said.
Stocks and Securities Limited mismanaged many customer accounts, causing considerable financial losses. The Jamaican government is researching and temporarily managing the private asset management organisation.
In january, Bolt attorneys found the cash missing following a regular account check. They discovered $12.7 million gone, leaving Bolt's portfolio with $12,000.
Stocks & Securities had kept quiet about the stolen monies but added this statement to its website.
Puma sponsors Bolt, who is worth $90 million. Puma pays retiring Bolt $4 million yearly.