Lawyers for eight-time Olympic gold medalist Usain Bolt say more than $12.7 million has been lost from his accounts at a Jamaican investment firm currently under police and government investigation.
Jamaican law enforcement was alerted on Jan. 11 to suspected fraud at wealth management firm Stocks & Securities Ltd (SSL), affecting the accounts of Bolt and others, according to Jamaica’s financial research department. Selvin Hay, chief technical director of the company, told CNN.
Hay added that the investigation, which is currently in its early stages, is being conducted by the Jamaican Police Department’s Anti-Fraud Squad and Financial Investigations Division.
Bolt’s attorney, Linton Gordon, told Reuters on Tuesday that the former sprinter was trying to get back $12.7 million after the balance on his SSL account “inexplicably dropped to $12,000.” .
Gordon also said Bolt, 36, who retired from track and field in 2017, would consider legal action if the funds were not recovered.
CNN reached out to Gordon for comment.
Bolt’s agent, Ricky Sims, confirmed to CNN that an investigation into alleged fraud at SSL was ongoing, but could not confirm how much money was lost from Bolt’s account. He added that he did not.
Jamaica’s Financial Services Commission (FSC) announced on Tuesday that it had taken over temporary control of SSL.
At a press conference on Wednesday, FSC executive director Everton McFarlane told reporters the fraud was allegedly perpetrated by SSL’s client relationship manager.
“To the FSC’s knowledge, this level of fraud has never happened before,” said McFarlane.
“Employee theft is a risk that all businesses face, and one that most businesses, especially financial institutions, take very seriously … This cowardly misconduct, and perhaps cooperation, by SSL employees We believe that dishonesty with anyone is unacceptable and is seen as a sign of industry-wide risk.”
According to Reuters, SSL issued a statement on Jan. 12 saying it became aware of the misconduct by the former employee and reported the matter to law enforcement.
CNN reached out to SSL for comment but did not hear back.
Bolt rose to fame after winning gold medals at the 2008 Beijing, 2012 London and 2016 Rio Olympics. He still holds his 100m and his 200m world records of 9.58 seconds and 19.19 seconds set at the 2009 World Championships in Berlin.