Champion sprinter Usain Bolt is used to living life in the fast lane, but he hit a major bump after Bolt’s investment firm acknowledged $12.7 million is missing from his account.
What’s worse, the company doesn’t know how the money got lost or where it went.
Bolt, a legend on the track and in his home country of Jamaica and winner of eight Olympic gold medals, has retained a lawyer and is threatening to sue Stocks & Securities, a Kingston, Jamaica, financial services firm that managed the account with the missing funds.
“The account was part of Bolt’s retirement and life savings,” said Bolt’s attorney, Linton P Gordon. “This is worrying news for anyone, and certainly for Mr. Bolt, who opened this account as part of his private pension.”
“If this is correct, and we hope it is not, then a serious act of fraud, theft or a combination of both has been committed against our client,” Gordon added.
Stocks and Securities Limited has reportedly mishandled several client accounts, leading to significant financial losses. The Jamaican government is currently investigating the company and has taken over temporary management of the private asset management company.
Bolt’s lawyers reportedly discovered the missing funds during a routine account check in early January. They found $12.7 million missing from the account, leaving only $12,000 in Bolt’s wallet.
Stocks & Securities has remained silent on the missing funds, but added this statement on the company’s website.
“We understand that clients are eager for more information and we assure them that we are closely following the matter through all required steps and will alert our clients of the resolution as soon as that information is available,” the firm stated.
Bolt’s net worth is $90 million., with a good chunk of that money coming from a lucrative endorsement deal with sportswear giant Puma. Now retired, Bolt earns an estimated $4 million from Puma a year.
