Usain Bolt’s Attorney Drops Massive Update on $2,000,000,000 Financial Fraud That Could Be ‘Damaging’ for Jamaica

In January 2023, a piece of upsetting news began circulating in the world of sports and investment. Till October 2022, Usain Bolt, the legendary Jamaican sprinter, had 2 billion Jamaican dollars in his Stocks and Securities Limited (SSL) account. This suddenly plummeted to 1.8 million Jamaican dollars in January 2023 when he became the victim of financial fraud committed by a former employee of SSL.

Till now, Usain Bolt has not let any intimate facts regarding the situation be revealed to the public at large. However, his attorneys have come forward to hint that if the situation does not change soon, he might just break his silence on the event.

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In the year 2012, the Jamaican Olympic runner opened an account at the SSL under his company Welljen's name. When the fraud was finally uncovered this year, the value of his account had gone down from US $12.7 million to US $12,000. His attorney, Linton Gordon, has revealed that Bolt has not recovered any of his money till now. Usain Bolt has refrained from giving any interviews on the matter so that the investigators could conduct their duties properly. But now, it seems like the athlete is losing patience.

An expert, who anonymously spoke to Jamaica Gleaner, has said that if Bolt comes out with any pertinent information on the situation, the same could prove to be damaging for Jamaica. The Jamaican business development, marketing, and branding expert said, "It would be very detrimental to our ability to attract and retain the foreign investment that we know that the country has outlined as one of the main strategies for continued growth and development."

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Bolt's attorney, Gordon, made it clear that the only reason why the star athlete was not agreeing to interviews was because he knew that any criticism will turn out to be devastating for Jamaica. According to Jamaica Gleaner, Gordon said, "It would bring about a level of mistrust, suspicion and a belief that the Government is incapable of protecting depositors at financial institutions in Jamaica…" Usain Bolt's attorney also revealed that due to being "a nationalist" and being "committed to Jamaica", the Olympic runner "has restrained himself from giving these interviews." Despite Bolt's attorneys reaching out to SSL, there has been no reply from the organization yet.

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Established in 1973, SSL is considered to be Jamaica's second-oldest brokerage firm. The firm has over 8,000 active investor accounts. Usain Bolt, who currently has a net worth of around US $90 million, got information about the fraud when his team met with SSL representatives to check on his portfolio. According to Jamaica Observer, SSL had been aware of certain fraudulent activities going on in the firm since August last year, but no official action had been taken. On 12th January 2023, SSL released a statement that it had "become aware of fraudulent activity by a former employee of the company".

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They claimed that the matter had been handed over to relevant law enforcement authorities. On February 24, SSL's dealer license was revoked by the Jamaica Stock Exchange, and earlier in January, the Financial Services Commission barred SSL from indulging in any trades without FSC's explicit approval. Currently, the FSC has declared SSL insolvent. Usain Bolt and other clients have initiated legal proceedings against the firm, which are pending in court. The officials of SSL, or the investigative authorities, have not provided any concrete update on the same.

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Apoorva Behl

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Edited By: Anupama Ghosh

Watch this story: From Tyson Gay To Usain Bolt – Top 5 Richest Track And Field Athletes Out There