How Usain Bolt was scammed out of $12.7 million

A multi-million dollar scam

Usain Bolt, the fastest man alive, was unfortunately a little slow off the mark when it came to a scam that saw him stripped of over $12.7 million.

From $12.7 million to $12,000

The retired Jamaican athlete became the victim of a massive scam, seeing the $12.7 million (£10 million/€11.7 million) he had in an investment company reduced to $12,000 (£9,500/€11,000) in just over two months at the end of 2022.

Started out with a warning

Bolt's lawyers had given whoever stole the money a 10-day window to return it. Despite this, the money did not return and Bolt was forced to try and take action.

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Where is the money?

The question is, where exactly has Bolt's money gone? At the moment, neither he nor the FBI knows. Yes, it's become a federal issue due to the enormity of the theft.

The FBI investigates the facts

The FBI is investigating the events together with the Jamaican government, headed by the Minister of Finance, Nigel Clarke, who has apologized to those affected by the fraud and requested international assistance.

Feeling the hit

The money he lost, held by a company known as 'Stocks and Securities Limited (SSL)', is obviously a huge blow to the former Olympian. Speaking to the Jamaican Observer, the sprinter said he was "not ruined, but he was hit" after losing a significant part of his assets.

One lead

So far, Jean-Ann Panton, an SSL employee for 25 years, has admitted in an affidavit signed on 7 January 2024 that she stole around $900,000 to $1 million (£700,000 to £780,000/€820,000 to €910,000) from SSL accounts. However, it is unclear whether any of that amount came from Bolt's account.

"The losses have hit me"

"The losses have hit me. Everyone knows that I have three children and that I take care of my parents," Bolt acknowledged in the Jamaican Observer.

Money was earmarked for social projects

In addition, Bolt affirms that part of that money was going to be destined to go towards social work in Jamaica, since the athlete has always been very committed to all kinds of issues within his country.

Photo: Instagram - @usainbolt

"I love my country"

"It is sad, because I have lost what I have worked hard for. But no matter what is happening, I love my country and I will always love it. I will do everything in my power to help," said the athlete.

Direct message on networks

Bolt left a clear message on social networks. "In a world of lies, where is the truth? The Evil of History. What is the root? Money".

Photo: Instagram - @usainbolt

Dozens of affected

In addition to Bolt, Nigel Clarke has reported that there are about 40 people more affected in the SSL fraud.

More than $3 billion stolen

The amount of the fraud currently totals $3 billion (£2.35 billion/€2.75 billion), making Bolt's $12 million (£9.5 million/€11 million) seem anecdotal in comparison.

A considerable net worth

According to Forbes magazine, Bolt had amassed over $100 million (£78 million/€91 million) in assets before these events occurred.

Far from broke

So despite the financial setback, the former Jamaican athlete should still have around $90 million (£70 million/€82 million) in assets remaining.

Shoe me the money

As of August 2024, the FBI do not appear to be any closer to tracking the lost funds, but luckily for Bolt, who has just launched his own line of Puma sneakers – has plenty of irons in the fire to ensure he doesn't end up destitute.

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