According to the legal team of Usain Bolt, the former gold medalist was stunned when he found $12 million missing from one of his bank accounts. The account Bolt was with was a Kingston-based investment firm known as Stock and Securities Ltd.
Overview
According to the runner’s attorney Linton P. Gordon, Bolt was recently notified that this particular account only has $12,000 remaining in it. Additionally, his lawyer added that this account was a large part of Bolt’s lifetime savings and retirement planning.
“It’s distressful news for anyone,” Gordon said on Wednesday. “And certainly in the case of Mr. Bolt, who established this account as part of his private pension.”
Stock and Securities Ltd Fraud
According to Jamaica’s Financial Services Commission, the commission has appointed its temporary manager at Stocks and Securities Ltd(SSL). This decision was made after previous fraud allegations made against the bank caused the commission to keep them under a microscope. SSL has not responded to any emails or calls regarding the situation.
No Communication
Attorney Linton Gordon stated that Jamaican regulators or SSL have not reached out to his client to address the situation. According to Bolt and his legal team, they are giving regulators eight days to return the money. If the money is not returned within that timeframe, Bolt’s legal team plan to take the case to the Kingston Supreme Court.
Wrap Up
Usain Bolt is an eight-time gold medalist and is a world record holder in two different races. Many consider him the fastest man in the world. The overall lesson in this article is that no one is safe from fraud or scams, regardless of their status. Knowing the steps that can be taken to avoid scams is extremely important.
With the experience that Werfel brings to the table, we can hope his skillset will bring the solutions that are much needed by the IRS.