Usain Bolt Fraud: The Scam That Cost $12 Million

Eight-time Olympic gold champion Usain Bolt bank account has only $12,000 in it, prompting the Jamaican authorities to ask for FBI assistance in one of the country’s most major fraud cases. Finance Minister Nigel Clarke revealed that officials had contacted the FBI and other international allies for help.

Usain Bolt Fraud

The Grio reports that after investing with the private investment business Stocks and Securities Limited, Bolt has lost access to $12.7 million. After 13 years, the firm still hasn’t been held accountable for stealing from retirees and the government.

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According to The Grio, Clarke said, “The anger and unease we all feel have been magnified by the long duration [13 years] over which the fraud was allegedly perpetrated, and the fact that the (suspects) seemed to have deliberately and heartlessly targeted elderly persons, as well as our much loved and respected national icon… Usain Bolt.”

The runner’s legal team has given the Kingston company until Friday to repay the stolen funds or face legal action. Jamaica’s Financial Services Commission launched an investigation into Stocks and Securities Limited earlier this month after the company reported that one of its managers had committed fraud.

Since employees issued misleading statements to clients, it is currently unknown how many people were taken in by the firm’s schemes, as stated by Clarke. Don’t worry, he reassured them. Jamaica’s economy will continue to thrive despite this shocking turn of events.

Clarke added that investigators seek to identify any flaws within the corporation that may have enabled it to commit the alleged wrongdoing. Clarke predicted that the investigation would reveal the theft’s “mechanics,” “beneficiaries,” and “organizers and collaborators.”

Moreover, he made it clear that the Jamaican government would return any goods bought with the stolen funds and institute harsher punishments for crimes motivated by money.

The finance minister stated that a hefty prison sentence is what the Jamaican public expects from those who “rob depositors or scam investors… and put our financial system and our way of life in danger,” the finance minister stated. In response to the claims, the private investment firm has issued no public statements.

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