Usain Bolt loses ‘$10 million in suspected fraud scheme’
Published on Jan 18, 2023 at 4:42 PM (UTC+4)
by Kate Bain
Last updated on Jan 18, 2023 at 4:46 PM (UTC+4)
Edited by
Kate Bain
Famed Jamaican sprinter Usain Bolt has reportedly lost millions of dollars in a suspected fraud scheme.
The eight-time Olympic gold medalist reportedly has just $2,000 in an account that previously held $10 million.
And now the Jamaican firm that looks after the 36-year-old’s investments is under investigation.
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The Jamaican Financial Services Commission has reportedly launched an investigation into the investment firm, Stocks and Securities Limited (SSL).
The investigation was sparked after Usain Bolt’s team noticed discrepancies in his account.
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The suspected fraud scheme reportedly affects more than 30 other alleged victims.
Among those 30 alleged victims, including Bolt, the suspected losses add up to more than $1 billion, the Jamaica Observer reports.
According to reports, a single employee is the main focus of the investigation into the missing billion dollars.
Bolt’s investment firm, SSL, has been suspended from any further trading without direct permission from the Financial Services Commission.
Bolt appeared to address the situation in a tweet suggesting money was the root of all evil.
“In a world of lies, where is the truth? The history of evil, what is the root? Money,” he tweeted on Monday.
Usain Bolt and his net worth
The retired sprinter, who holds the world record in the 100-meter sprint at 9.58 seconds, has an estimated net worth of $31 million.
He has garnered an enviable sum of money not only from his winnings but also from sponsorship deals.
In fact, Bolt earned about $30 million from endorsements in 2016 alone.
He’s worked with a string of brands including Hublot, Virgin Media, Gatorade and Visa.
Bolt also signed on to be the brand ambassador for sports apparel company, PUMA.
The ‘fastest man in the world’ also owns a chain of restaurants called Tracks & Records.
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Kate Bain is Lead Editor at supercarblondie.com. She is based in Dubai and coordinates coverage of the latest news across automotive, technology, and lifestyle. Kate has a bachelor's degree in business and post graduate in journalism. She is an experienced editor and journalist who has worked for News Corp, Daily Mail Australia, and Sky News. When she's not at work, you'll find her at the park with her daughter, Charlotte, and her dog, Thor.
