Did someone pull a fast one on Usain Bolt?
The legendary Brazilian sprinter has lost millions of dollars from his investment portfolio at Stocks and Securities Limited (SSL), according to his manager, and an investigation has been launched to sort out what happened. rice field.
Bolt’s agent, Nugent Walker, told Jamaican news outlet The Gleaner this week that the country’s Financial Investigations Department and Financial Services Commission were investigating SSL. “All relevant steps have been taken to get to the bottom of this issue,” said Walker.
Bolt, an eight-time Olympic gold medalist, reportedly first noticed a discrepancy in his SSL accounts last week.
“He’s been with this company for over 10 years…his entire portfolio is being reviewed,” Walker said, adding that the lawsuit is ongoing.
According to the same Gleaner report, a former SSL employee was involved in a fraud scheme at the company, which may be related to reported issues with Bolt’s investments. Attorney Tamika Harris, who represents the former employee, said her client has been in talks with her SSL legal representative for two weeks.
Representatives for Bolt and SSL did not respond to MarketWatch’s requests for comment on this article.
A Jamaica Financial Services Commission spokeswoman said in a statement reported by Fortune that it was aware of allegations of fraud at SSL. It said it had instructed SSL to engage in a “process of enhanced oversight.” This means that we must “know the complete integrity of the transactions that are taking place, including the movement of funds and securities into and out of SSL”.
“FSC will continue to investigate issues related to SSL at the same time,” they added.
Bolt is widely considered to be “the fastest man alive” and one of the greatest athletes of all time. He holds world records in the 100m, 200m and 4x100m relay. In 2017 he retired from athletics.
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Boruto is also seen as a savvy businessman. He has lucrative sponsorship deals with companies like Puma, Hublot and Gatorade. He owns an eSports team. He has a non-fungible token (NFT) contract with Tom Brady’s Autograph company. According to Forbes, Bolt made $31 million in 2018 (the year after he retired), of which $30 million came from his off-track efforts.