Usain Bolt Fires Business Representative After $12.7 Million Missing in Fraud Case

Chisom Ndianefo
Close-up shot of Usain Bolt
Getty | Eugene Gologursky

This is a trying time for Jamaican sprinter Usain Bolt who lost over $12 million to a local private investment firm. Although Bolt has been dealing with the fraud case for some weeks now, he's only just speaking about it now.

Keep reading to find out more.

A Shocking Discovery

Usain Bolt
Flickr | Gilles Havik

Usain Bolt told reporters that he was baffled by the missing $12.7 million of his funds from a regional private investment company. The police are looking into it as part of a major fraud that started more than ten years ago.

Bolt also revealed that the break with his business manager was unpleasant and that he had sacked him.

Is Usain Bolt Broke?

Following the ongoing fraud case, Usain Bolt has denied allegations that he is bankrupt, despite rumors that he only has $12,000 in his bank account.

The former professional athlete chuckled when asked if he was "broke."

His Response To The Rumors

Usain Bolt on the tracks
Giphy | SB Nation

Bolt answered, “I’m not broke, but it’s definitely put a damper on me,” he said. “It was for my future. Everybody knows I have three kids. I’m still looking out for my parents, and I still want to live very well.”

A Deadline To Refund The Funds

According to Bolt's legal representatives, the athlete's account with Kingston-based Stocks and Securities Limited fell from about $12.8 million to a little under $12,000.

The corporation had been given until Friday to refund the funds or face civil and criminal penalties.

Usain Bolt's Lawyer Makes A Statement

A Gavel
Unsplash | Tingey Injury Law Firm

As of late Friday, it wasn't immediately apparent if any action had been taken. A message seeking a response from lawyer Linton P. Gordon was not answered.

The "expected and the unexpected" should be expected, he told the Jamaica Observer newspaper.

“There is nothing to say at this stage, given what is happening,” he was quoted as saying. “We have met with persons, and we are dealing with certain matters.”

The Jamaican Government Is Actively Involved

The fraud case has gotten the attention of the Jamaican government as they are actively involved in trying to locate the culprits. Apparently, earlier this week it was announced that the Financial Service Commission's director will be quitting and the Bank of Jamaica will take charge of the island's financial sector.

Other Jamaicans Are Affected By the Fraud

Jamaica Flag
Flickr | x_xchokex_x

According to Jamaica's financial minister, Usain Bolt isn't the only one affected by the fraud as top government officials and senior citizens are too.

Getting The FBI Involved

Authorities in Jamaica said that as part of the suspected scam, consumers were given incorrect information about their balances and asked the FBI and other unnamed international specialists for assistance. The authorities have not yet disclosed the number of impacted consumers and the total amount of missing money.

Proud Citizen

Usain Bolt

Bolt discussed the suspected scam earlier on Friday while speaking at a luncheon sponsored for an upcoming relay.

"As you all know. I’ve been going through a tough week, a few tough weeks,” he said, adding that he would continue to do everything he can to uplift his island.

“No matter what’s going on right now, Jamaica is my country. That will never change,” he said.

He concluded by saying he has left everything in the hands of his lawyer and the authorities. Hopefully, all affected person gets their money back.