Usain Bolt’s Lawyers Threaten Lawsuit Claiming $12.7 Million Is Missing from His Investment Account
Bolt’s legal team gave the firm 10 days to return the missing funds to Bolt’s account before they pursue “civil and criminal action”
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Olympian Usain Bolt is missing more than $12.7 million from his account at a private investment firm, his attorney said.
Linton P. Gordon, who represents Bolt, sent a letter to Stocks & Securities Limited demanding the missing funds be returned to Bolt’s account. Gordon provided The Associated Press with a copy of that letter.
According to the letter, Bolt’s account with the firm, which once held $12.8 million, now contains just $12,000.
Bolt’s lawyer said, “If this is correct, and we are hoping it is not, then a serious act of fraud larceny or a combination of both have been committed against our client.”
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Stocks & Securities Limited will have 10 days from Monday — when the letter was sent — to return the money before Bolt’s legal team will pursue civil and criminal action, per the AP.
Stocks & Securities Limited and representatives for Bolt did not immediately respond to PEOPLE’s request for comment.
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The Financial Services Commission of Jamaica announced on Tuesday that it had taken over temporary administration of the company and opened an investigation into it. The company has advised clients to contact Jamaica’s Financial Services Commission if they have any further questions regarding funds that have disappeared. The company stated on its website that it is “closely monitoring the matter” and that it will “alert our clients of the resolution as soon as that information is available.”
Stocks & Securities Limited is allowed to carry on with business as usual, but any transactions will require government approval, according to the AP.Maintaining ‘Pandemonium’ with three kids is more difficult than competing in the Olympics, according to Usain Bolt.
Eight-time Olympic gold medallist Bolt informed supporters in 2019 that he was retiring from competitive sports to focus on a few business endeavors.
“I’m just engaged in a variety of activities. I’m going into new industries now that my time in sports is done,” he said. “I have a lot of things in the pipeline, so as I say, I’m just dabbling in everything and trying to be a businessman now.”