Usain Bolt Claims $12 Million Vanished From One Of His Investment Accounts

Usain Bolt is, by most measures, the best sprinter ever. He holds a number of data, together with the quickest 100-meter run in historical past (he additionally has the second-fastest time, for good measure). Bolt’s spectacular performances made him a legend throughout the sport, a star within the Olympics, and an awesome endorsement companion for a number of manufacturers, together with Puma, Gatorade, and Virgin Media.

These on-track expertise and that enterprise savvy have mixed to make Bolt the highest-earning sprinter ever. Naturally, he invested a few of that cash to develop his wealth. As of Halloween night time, 2022, Bolt had $12.7 million in an account with the funding agency Shares and Securities Restricted (SSL).

Sadly, that cash virtually fully disappeared after a now-former worker allegedly ran a fraudulent scheme, stealing tens of millions of {dollars} from a number of accounts. The ex-employee alerted Bolt about his misplaced cash on January 11. And now Bolt is suing SSL after studying he has solely $12,000 left in his funding account.

In different phrases, Bolt has misplaced practically $12.7 million in lower than two and a half months.

SSL claims it discovered of the fraud in early January and alerted traders after making that discovery. The Monetary Companies Fee quickly took management of the establishment, but it is had management of SSL up to now and referred to as it a “drawback establishment.” An company report from February 2017 famous “a tradition of non-compliance and mismanagement of consumer funds” inside SSL.

This clearly is not the primary time the corporate has been in sizzling water. Because of this, Bolt is the newest athlete to fall sufferer to somebody mishandling their cash.

Bolt’s lawsuit was issued on January 16. In it, he demanded the cash in his account to be reinstated throughout the subsequent ten days.

We’ll see what sort of effort (if any) SSL offers in attempting to recuperate Bolt’s cash. However this story is a superb reminder for athletes—and all of us, actually: Bear in mind to diversify your investments. It is lots much less painful to lose a few of your cash than it’s to lose all of it.