Usain Bolt loses $10 Million in Retirement Fund Fraud

Usain Bolt, a well-known Jamaican athlete, lost $9,998,000 in his own Stocks and Securities Limited (SSL) retirement account earlier this month.

When Bolt’s team brought the issue to SSL’s attention, the business acknowledged that it has been looking into other issues. The business, however, asserts that prior to that time, it was unaware that Bolt had also been impacted.

The insider claimed that Bolt opened the account in 2012 and never withdrew any money. He reportedly invested a little around $10 million USD. Only US$2,000, according to the source, is still in the account.

Along with the Jamaican athlete, 30 other people lost a combined $1.2 billion from the SSL as a result of an internal employee helping an outside financial advisor, which the employee allegedly “admitted” to doing. Despite first concerns being voiced in August 2022, the con artist remained undetected. Furthermore, it is yet unknown whether the stolen property will be recovered.

Bolt appeared to send a message to the public using the lyrics of one of his songs on social media.

In relation to his song “Cryptic World,” which also features his manager Nugent (NJ) Walker, Bolt said, “In a world of lies where is the truth, the history of evil what is the source, (money)”.

The song was posted more than three months ago on Bolt’s YouTube account and has already received over 700,000 views. It also speaks out against structural issues and societal injustices.

Bolt appeared to send a message to the public using the lyrics of one of his songs on social media.

In relation to his song “Cryptic World,” which also features his manager Nugent (NJ) Walker, Bolt said, “In a world of lies where is the truth, the history of evil what is the source, (money)”.

The song was posted more than three months ago on Bolt’s YouTube account and has already received over 700,000 views. It also speaks out against structural issues and societal injustices.

Previously, the Financial Services Commission (FSC) did report that the SSL was accused of unauthorized sales in the past. Within the report, an FSC entity shared that the SSL overlooks authorization procedures for FSC-based transactions, which has since resulted in the questioning of the SSL by its investors — including Bolt, whose management team previously warned the SSL about the chances of a potential financial scam.

Late last Thursday the Financial Services Commission (FSC) said it has issued directions to SSL barring it from engaging in sales or trading of assets without the permission of the FSC. “These directions are a supervisory tool to allow the FSC to engage an entity in a process of enhanced oversight,” the regulator said. “In the case of SSL, this enhanced oversight reflects the need for the FSC to have a full view of the integrity of the transactions being conducted, including the movement of funds and of securities into and out of SSL.” The FSC also said it will continue its investigations into matters related to SSL.