Usain Bolt fires his chief executive and says it was “not an amicable split” after $12.7 million of his money went missing from a private investment firm in Jamaica now under investigation by authorities for fraud
Jamaican sprinter Usain Bolt told reporters on Friday he was baffled by the disappearance of $12.7 million of his money from a local private investment firm that authorities are investigating as part of a massive scam that began more than a decade ago.
Bolt also said he fired his CEO, adding that it wasn’t an amicable split.
When asked if he was “broke,” the retired star athlete laughed.
“I’m not broke, but it definitely put a damper on me,” he said. “It was for my future. Everyone knows I have three children. I still take care of my parents and I still want to live very well.’
Usain Bolt fired his CEO after an investment firm lost $12.7 million
Bolt said the split was “not amicable” after the money went missing
Lawyers for Bolt said the athlete’s account with Kingston-based Stocks and Securities Limited shrank from nearly $12.8 million to about $12,000. They had given the company until Friday to repay the money or take civil and criminal action.
It was not immediately clear if any action had been taken by late Friday. Attorney Linton P. Gordon did not respond for comment.
He told the Jamaica Observer newspaper that the public should expect the “expected and the unexpected” in the case.
“Considering what is happening, there is nothing to say at this point,” he was quoted as saying. “We have met with individuals and are dealing with specific matters.”
Earlier this week, Jamaican Finance Minister Nigel Clarke announced that the director of the Financial Services Commission is stepping down and that the Bank of Jamaica will now be responsible for regulating the island’s financial system.
He said several government agencies and elderly customers were also affected by the alleged fraud.
“It’s always a sad situation. Definitely disappointed,” Bolt said of the elderly affected. “Everyone is confused. I’m just as confused as the public.”
Jamaican authorities have reached out to the FBI and other unidentified international experts for help, adding that customers were misrepresented about their balances as part of the alleged fraud. The officials have not yet said how many customers were affected in total and how much money is missing in total.
Earlier Friday, Bolt spoke at a sponsored luncheon for an upcoming season and referenced the alleged cheating.
‘As you all know. I’ve been through a tough week, a tough couple of weeks,” he said, adding that he will continue to do whatever it takes to strengthen his island.
“No matter what is happening, Jamaica is my country. That will never change,” he said.
In an aside with reporters, he said, “I’m just trying to focus on my family and trying not to think about it too much because it’s a difficult situation.”
Bolt’s account with the company is said to have shrunk his funds from $12.8 million to $12,000
Bolt won three consecutive Olympic gold medals in the 100m and 200m during his stunning career
Stocks and Securities Limited did not return a message seeking comment on Friday. The company contacted authorities earlier this month to alert them that a manager appeared to have committed fraud.
Earlier this week, Jamaican Prime Minister Andrew Holness announced his government would not bail out the company.
“The government will not socialize debt, and we will not socialize our bank failures,” he said.
In his distinguished career, Bolt won Olympic gold in three consecutive games in the 100m and 200m events.
In 2009 he set the world record in the 100 meters with a time of 9.58 seconds.