Retired Jamaican sprinter legend Usain Bolt has fired his business manager after he lost $12.7 million to a massive employee fraud scheme. Stocks and Securities Limited(SSL), a wealth management company, was reportedly responsible for the scam. According to the report, this firm is now under investigation by the Jamaican securities and pension regulator, the Financial Services Commission.
(PCN Photography / Alamy Stock Photo)
Usain Bolt early time deposited $12.8 million into Stocks and Securities Limited(SSL). However, this firm has been accused of a scam. When Usain Bolt checked his account again, there is only $12,000 left. This tremendous financial loss gave Usain Bolt and his family a huge negative impact. When asked if he is broke, Bolt said “I‘m not broke, but it’s definitely put a damper on me… It was for my future. Everybody knows I have three kids. Im still looking out for my parents, and I still want to live very well…”. It is clear that Bolt was frustrated about this. According to ABC news, Bolt and his attorneys are planning to sue SSL if this company does not return the money before this Friday.
Bolt showed the books about “Laws of Jamaica” on Twitter after the fraud case occurred. Some people mock him that “ Its maybe too late”.
About Usain Bolt
Born in 1986，Usain Bolt is a retired Jamaican sprinter, widely considered to be the greatest sprinter of all time. He is the world record holder in the 100 meters, 200 meters, and 4 × 100 meters relay. An eight-time Olympic gold medalist, Bolt is the only sprinter to win Olympic 100 m and 200 m s at three consecutive Olympics (2008, 2012, and 2016). He also won two 4 × 100 relay gold medals. He gained worldwide fame for his double sprint victory in world record times at the 2008 Beijing Olympics, which made him the first person to hold both records since fully automatic timing became mandatory.
As we know so far, Bolt is not the only victim who got scammed by SSL, many elderly investors also were affected by the alleged fraud. Unfortunately, the authorities have not yet revealed how many clients were involved or how much money is missing.
Sacks Business Manager
Recently, Usain Bolt told reporters that he fired his business manager after the alleged fraud happened. When asked about Stocks and Securities Limited and the return of his money, Bolt told the Jamaica Observer newspaper: There is nothing to say at this stage, given what is happening.
“We have met with persons and we are dealing with certain matters.”
Response from SSL
(SSL)
Jamaica's Financial Services Commission has launched an investigation into the missing money. The commission has also called on the FBI for help. We do not know if the victims can get the money back successfully. Somehow, it will take time to reveal more truth. Stocks and Securities Limited stated, “We understand that clients are anxious to receive more information and assure you that we are closely monitoring the matter throughout all the required steps and will alert our clients of the resolution as soon as that information is available.” According to SSL's website.
WikiFX Warning
WikiFX recommends that you be aware of your investments legitimacy. After all, the scammer won't go easy on you just because of who you are. In addition, both stocks and foreign exchange are risky. Any investor who considers this should understand the risk.
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