Millions stolen fromUsain Bolt

[jeremyp]

An investigation has been launched after millions of dollars reportedly went missing from an account belonging to eight-time Olympic champion Usain Bolt.

Bolt’s manager, Nugent Walker, told the Gleaner that Jamaica’s Financial Investigations Division and Financial Services Commission are looking into the case at investment firm Stocks and Securities Limited (SSL). SSL is also understood to have called the police.

Walker said that Bolt first noticed what appeared to be discrepancies with his accounts at SSL on Wednesday. “All the relevant steps have been taken to come to the bottom of this,” Walker told the Gleaner, adding that due to the ongoing investigation he could not disclose the sums involved.

“He’s been with this entity over 10 years ... His entire portfolio is being reviewed,” Walker said.

According to the Gleaner an SSL employee has been implicated in widespread fraud at the company, and may have been involved in the the developments surrounding Bolt.

https://www.theguardian.com/sport/2023/jan/12/usain-bolt-reportedly-missing-millions-from-investment-accounts

[DET59]

(edit) Just noticed this initial investigation already addressed in another topic, as follow up posted)


St Vincent Times: Usain Bolt Retirement funds wiped out, sprinter may not recover money.

https://www.stvincenttimes.com/usain...recover-money/

Will this be the biggest "loss" ever by a track and field athlete? I know Mike Tyson is the GOAT of losses (something like $200 million+) and several NBA players have squandered 9 figures.

I would guess Marion Jones would be on the loss leader list.. Has anyone else had an 8 figure loss?

[58Commander]

Lets hope that SSL has insurance to cover some or all of his losses. This sounds like it wasn't his fault, but a rogue employee.

[18.99s]

Bolt's lawyers are (rightfully) demanding that the funds be returned within 10 days.
https://www.jamaicaobserver.com/late...missing-funds/

Sadly, it is possible they can't produce the money and will go bankrupt. For this to happen shows that the firm is run by buffoons or thieves. Any well-run investment firm is supposed to have checks and balances to ensure high-dollar withdrawals must be reviewed by higher management, or at least checked by sophisticated fraud detection algorithms. I hope he has more millions invested elsewhere.

[SoCal45]

Bolt's lawyers are (rightfully) demanding that the funds be returned within 10 days.
https://www.jamaicaobserver.com/late...missing-funds/

Sadly, it is possible they can't produce the money and will go bankrupt. For this to happen shows that the firm is run by buffoons or thieves. Any well-run investment firm is supposed to have checks and balances to ensure high-dollar withdrawals must be reviewed by higher management, or at least checked by sophisticated fraud detection algorithms. I hope he has more millions invested elsewhere.

I read that he has no more than $2k in other funds

[18.99s]

I read that he has no more than $2k in other funds

Some articles say $2K is left in this particular account (but the I article I linked to says $12K). I haven't seen anything about him having only $2K elsewhere. If that's all he really has, he better make plans to compete in 2024!

[lonewolf]

Well, it wasn't millions but I was hacked by someone who claimed they had access to my online bank account statement and would deplete my checking account if I did not buy $2000 gift cards, etc. They flashed an authentic-looking correct bank statement and demonstrated that they could reduce the balance to 0.00 with a click. When they restored the correct balance momentarily, I pulled the plug on my computer and notified the bank. No harm done. I closed that account. The bank said they did not know how it was possible for the hacker to display my account and could not have deducted money from it. I have since talked to some smart puter guys and none know how that was possible.

[guru]

Worth keeping some perspective here. Bolt earned well over $100 million during his career, and current net worth in excess of $50 million. While the $12 million in this particular investment account is a bit more than pocket change to him losing it will hardly leave him destitute.

[18.99s]

Worth keeping some perspective here. Bolt earned well over $100 million during his career, and current net worth in excess of $50 million. While the $12 million in this particular investment account is a bit more than pocket change to him losing it will hardly leave him destitute.

It's possible the $12M is all he had left. It's not unheard of for athletes who made $100M over their career to end up with a lot less than $12M a few years after they retire. Some even go bankrupt.

But he still has endorsement income rolling in, probably over $1M/year, so it's true he won't be anywhere near destitute even if the $12M was everything he had.

[jazzcyclist]

I'm so paranoid about being hacked that I do a lot of stuff the old-fashioned way in hopes that it will reduce the hacking opportunities for crooks. I reluctantly pay some of my bills online, but I never save my payment information, I don't have a debit card, I don't have an ATM card and I never do any financial business on my phone.

[18.99s]

After the 2008 banking crash and the Madoff scam, anybody who still keeps 80-100% of their wealth in one institution when they don't have to is playing with fire. I hope the amount he had in that place was less than 1/3 of his liquid net worth. At his level of wealth, his assets should be diversified not only across multiple institutions, but also multiple countries.

I split up my funds all over the place. Savings and checking accounts at multiple banks, a credit union account, 401k and multiple IRAs, a brokerage account, and iBonds. No fraudster at any one place can wipe me out.

[18.99s]

The investment firm which lost the money has been problematic for years. I bet the regulators didn't tell the customers that.

https://jamaica-gleaner.com/article/...five-years-ago (long article)

Stocks & Securities Limited (SSL) was flagged in 2017 by staff of the Financial Services Commission (FSC) for a “culture of non-compliance and mismanagement of client funds”, a systemic concern that may alarm investors as the company now grapples with billion-dollar fraud.

Earlier this week, the regulators assumed control of the firm (temporarily):

https://nationwideradiojm.com/fsc-assumes-temporary-management-of-ssl-amid-multi-million-dollar-fraud-scandal/

[The Klingon]

This is what happens when you trust people, Hey, trust everybody, but before they deal, "cut the damn cards".

[einnod23]

Bolt is "among 20 clients facing losses of millions...in local and US currencies."

So, that means the American feds, as well as Jamaican authorities, could take a look at this. I know the FDIC insures banks in the US. But dumb question: is US money in a foreign land, earned by a foreign citizen, subject to US protections, regulations, particularly if the two countries have good relations with each other? Now, common sense tells me if Bolt was Russian, and the entity was in Moscow.....that's a big "too bad, bro!"

[18.99s]

Bolt is "among 20 clients facing losses of millions...in local and US currencies."

So, that means the American feds, as well as Jamaican authorities, could take a look at this. I know the FDIC insures banks in the US. But dumb question: is US money in a foreign land, earned by a foreign citizen, subject to US protections, regulations, particularly if the two countries have good relations with each other? Now, common sense tells me if Bolt was Russian, and the entity was in Moscow.....that's a big "too bad, bro!"

It was an investment firm, so presumably the money was in the form of investment instruments like stocks, bonds, and/or mutual funds, not US currency per se. But the US-currency denominated instruments may have included US-issued stocks/funds/bonds/treasuries, possibly held in a US investment bank on behalf of the Jamaican firm, so that could be one reason for the US authorities to get involved.