Bolt has been vocal about his frustration over a $12.8M fraud case demanding justice as promised repayments from SSL remain unfulfilled.
Jamaican sprinting legend Usain Bolt has for another time voiced his frustration over the unresolved financial scandal that saw him lose a staggering $12.8 million (Ksh1.6 billion).
Two years after the shocking revelation that his account at Stocks and Securities Ltd (SSL) was mysteriously drained, the eight-time Olympic gold medalist continues to demand answers and restitution.
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A week ago, Bolt took to social media to express his discontent, reminding the public of the exact amount he lost. His post read:
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“Twelve Million, Seven Hundred Fifty-Eight Thousand, One Hundred Eighty-One dollars and Seventy-Four Cents,” he wrote, accompanied by a Jamaican song lamenting sacrifices with no returns.
This latest expression of frustration comes despite assurances that affected investors, including Bolt, would be repaid.
The fraud case, which also impacted several other clients of SSL, has cast a shadow over Jamaica’s financial sector, raising concerns about investor protection and regulatory oversight.
In January 2023, Bolt discovered that his account, which once held $12.8 million, had been reduced to a mere $12,000.
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His lawyer, Linton Gordon, confirmed that the retired sprinter had made no withdrawals or transfers, calling the depletion of funds “mysterious.” At the time, Bolt hinted at possible legal action if the money was not recovered.
Following the public outcry, the Jamaica Constabulary Force’s Fraud Squad and the Financial Investigations Division launched investigations into SSL.
By September 2024, the company announced plans to repay over $30 million to more than 200 defrauded clients, including Bolt. The Financial Services Commission (FSC) ordered SSL to expedite the repayments, but Bolt’s latest post suggests that these promises remain unfulfilled.
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Despite the setback, Bolt remains a towering figure in athletics.
The retired sprinter, who dominated the Beijing 2008, London 2012, and Rio 2016 Olympics, still holds the 100m and 200m world records of 9.58 seconds and 19.19 seconds, respectively.
However, his financial ordeal has turned into a matter of public interest, with many questioning how such a massive fraud could occur under regulatory supervision.
The SSL fraud scandal nearly led to the company’s collapse, with reports indicating that several employees were involved in internal theft. The case has since prompted discussions about financial security in Jamaica, particularly for high-profile individuals and investors who entrust institutions with their wealth.
