Millions stolen fromUsain Bolt

[jazzcyclist]

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!"

The FDIC only covers American banks. The SIPC covers American investment and brokerage firms but only up to $500,000..

[18.99s]

NBC Sports posted an article about it, with some specific numbers:

https://olympics.nbcsports.com/2023/01/18/usain-bolt-money-millions-dollars-ssl-jamaica/

In the letter to Stocks and Securities Ltd. (SSL), an attorney wrote that Bolt’s account with SSL had $12,750,181.74 on Oct. 31, 2022. The balance is now $12,047.65, but Bolt has not made a withdrawal or transfer.

That they're quoting the October amount instead of December or early January suggests that neither Bolt nor his advisors were looking at the account regularly. Not even once a month.

[einnod23]

Interesting.....!

https://www.blackenterprise.com/employee-at-usain-bolt-investment-firm-borrowed-funds-from-clients/?utm_campaign=SocialFlow&fbclid=IwAR2pMbBV04E060ry I-XQyslgMDAKIDSqDRFtFnb3EciRtQCl1vOk8RZD7Nw

[schigh]

Interesting.....!

https://www.blackenterprise.com/employee-at-usain-bolt-investment-firm-borrowed-funds-from-clients/?utm_campaign=SocialFlow&fbclid=IwAR2pMbBV04E060ry I-XQyslgMDAKIDSqDRFtFnb3EciRtQCl1vOk8RZD7Nw

'continued to take money for various purposes' and she 'may not be the only one involved in stealing funds from the investment firm.' Poof, its gone.

[einnod23]

'continued to take money for various purposes' and she 'may not be the only one involved in stealing funds from the investment firm.' Poof, its gone.

Wondering if she actually did use it for her father's medical or brother's psychiatric expenses.....!

[18.99s]

Interesting.....!

"Borrowed"! 🤣😂

That firm is a systemic clusterfrack of failures at all levels. A management failure, a regulatory failure, and even a customer failure for letting so much of their money sit there without checking it regularly (unless the firm's insiders were fudging the numbers to make it look like the correct amounts were still in the accounts).

[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?

The USA is getting involved!

https://trackalerts.com/usain-bolts-attorney-warns-of-expected-and-unexpected-developments-in-ssl-legal-demand/

The Minister also disclosed that the United States Federal Bureau of Investigation (FBI) and other overseas forensic auditors will assist local law enforcement agencies in their probe.

[Davidokun]

Usain Bolt fires business manager over Jamaica fraud case

Jamaican sprinter Usain Bolt told reporters Friday that he is baffled over how $12.7 million of his money has gone missing from a local private investment firm that authorities are investigating as part of a massive fraud that began more than a decade ago.

Bolt also said he has fired his business manager, adding that it was not an amicable split.

When asked if he was “broke,” the retired star athlete laughed.

“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.”