Home World News How Did Usain Bolt Lose His Entire Retirement Fund of $12 Million?

How Did Usain Bolt Lose His Entire Retirement Fund of $12 Million?

How Did Usain Bolt Lose His Entire Retirement Fund of $12 Million?


Jamaican Olympic sprinter Usain Bolt, known as the quickest man on the planet, was shocked to find $12 million lacking from an account he had with Kingston-based funding agency Stocks and Securities, his lawyer stated, based on stories.

Bolt’s lawyer, Linton P. Gordon, stated there was solely about $12,000 left within the account. Bolt’s retirement and life financial savings had been included within the account, a report by Fortune stated.

“Anyone would be distressed by this news,” Gordon said on Wednesday. “This is especially true in the case of Mr. Bolt, who set up this account as part of his private pension.”

The Financial Services Commission of Jamaica announced on Tuesday that it had installed its own temporary manager at SSL, following reports of allegations of fraud that had previously prompted the commission to place the bank under increased scrutiny.

So How Did This Happen?

Investigations are on into the private investment firm in Jamaica, and the case has sparked criticism over the government’s handling, with one top official forced to resign amid one of the largest fraud scandals to hit the Caribbean island.

Everton McFarlane, who until recently was executive director of Jamaica’s Financial Services Commission, went on leave Friday and will step down Jan. 31, officials said, according to a report by the Associated Press.

A top official with Bank of Jamaica will take his place as the investigation continues into Stocks and Securities Limited, a firm based in the capital of Kingston.

“There will be full transparency,” Finance Minister Nigel Clarke stated late Thursday, including that he was disgusted by what the investigation into the alleged fraud has revealed to this point.

“No stone will be left unturned in unearthing exactly how funds were allegedly stolen, who benefited from such theft and who organized and collaborated in this,” he stated.

The investigation started after Stocks and Securities Limited despatched authorities a letter Jan. 10 alerting them that a supervisor had apparently dedicated fraud. Days later, legal professionals for Bolt stated the cash in his account had dwindled from practically $12.eight million to $12,000.

Clarke stated a preliminary investigation discovered that a quantity of aged shoppers even have been defrauded. He stated that authorities try to find out whether or not any objects have been purchased with proceeds of the alleged fraud and that the federal government will search full forfeiture of them.

“We empathize with all investors who have been impacted by this,” he stated.

Jamaica’s Financial Services Commission regulates monetary corporations, together with Stocks and Securities Limited, however many individuals are questioning why the alleged fraud wasn’t caught earlier.

When an area journalist requested McFarlane at a current information convention whether or not the company he led lacked oversight, he declined to reply and stated, “I’ll take another question.”

Earlier this week, McFarlane stated the company took rapid motion as quickly because it was alerted in regards to the alleged fraud. On Jan. 12, the fee banned the corporate from conducting any transactions with out its approval, and it has since appointed a short lived supervisor to supervise the corporate’s day by day operations.

Stocks and Securities Limited posted an announcement on its web site saying that shoppers ought to direct all pressing queries to the Financial Services Commission.

Bolt’s attorneys have stated they’ll take civil and felony motion if his cash just isn’t returned by the top of subsequent week.

Who is Usain Bolt?

Usain Bolt is an Olympic legend who was born on August 21, 1986. He is called the Fastest Man Alive and is from Jamaica.

He is a nine-time Olympic gold medalist, an eleven-time World Champion, a six-time IAAF World Athlete of the Year, and a four-time Laureus World Sportsman of the Year. He is extensively considered the best runner of all time. He holds world data within the 100m (9.58 seconds), 200m (19.19 seconds), and 4x100m relay (36.84 seconds). He is the one athlete in historical past to have gained 4 World Championships within the 200-meter sprint.

Usain Bolt set a world report by ending the 100 m males’s race in 9.58 seconds on the 2009 World Championships in Berlin. In the identical yr, he set one other world report by ending the 200m males’s race in 19.19 seconds.

He additionally grew to become the “Order of Jamaica’s” youngest member in 2009. Bolt was named “Laureus World Sportsman of the Year” thrice, in 2009, 2010, and 2013.

He has been named the “IAAF World Athlete of the Year” six times, in 2008, 2009, 2011, 2012, and 2016 and is the only athlete to have won three consecutive gold medals in the 100m at the Olympics in 2008, 2012, and 2016.

Bolt has not publicly acknowledged the scandal but has put out some cryptic social media posts.

On Twitter, Bolt wrote: “A time to keep ……. and a time to speak; A time of war, and a time of …..”

“In a World of Lies….Where is the Truth?

The History Evil….What is the Root?…MONEY

#CrypticWorld,” he wrote in another post.

With inputs from Associated Press

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