Usain Bolts lawyers say millions are missing from Stocks & Securities Limited account
Linton P. Gordon, an attorney for Bolt, is asking for $12.7 million to be returned to the star who now has a balance of just $12,000, The Associated Press reported citing a letter sent by the legal representative. by Bolt.
In Monday’s letter, Bolt’s attorneys said that if the missing money is found to have been stolen, “a serious act of fraudulent theft or a combination of both has been committed against our client,” and that threat of legal action if the money is not returned within 10 days.
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A message on Stocks & Securities Limited’s official website says the company is “currently under the supervision of the Financial Services Commission” and asks “anxious customers” for patience.
On its website, the company writes that it is “solely focused on managing money and creating financial security and independence for Jamaicans and their families.”
In a January 12 statement, the FSC said it was “aware of allegations of fraud at Stocks and Securities Limited” and said it was investigating the company, which would still be able to operate as a company but would need “monitoring and approval from the FSC”.
The FSC did not confirm the number of affected customers and did not immediately return a request for comment.
Jamaican Finance Minister Nigel Clarke has urged people not to base their perception of the country’s financial industry on the recent incident involving Bolt’s finances.
“It’s tempting to doubt our financial institutions, but I would ask that we don’t paint an entire hard-working industry with the brush of a few very dishonest individuals,” he said, according to The Associated Press.
Many in Jamaica consider the eight-time Olympic gold medalist a national treasure. Bolt holds world records in the 100 meters, 200 meters and 4×100 meters. He retired in 2017.
In 2018, Forbes ranked Bolt 45th on its list of the highest paid athletes in the world with a salary of $1 million and endorsements totaling more than $30 million.
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