Usain Bolt: Person Who Defrauded Olympic Legend Asked Him for Loan to Repay Victims

Usain Bolt: Person Who Defrauded Olympic Legend Asked Him for Loan to Repay Victims

  • Usain Bolt recently lost close to 10 million USD in a widely publicised fraud case
  • The company which lost Bolt's money pinned the blame on one employee who was dismissed
  • The employee reportedly approached Bolt and asked for a loan to repay her victims

Fresh interesting details have emerged in the fraud case surrounding multiple and Olympic World Champion Usain Bolt.

Bolt's management team recently discovered that the sprint icon had lost close to 10 million USD which was part of his retirement savings.

Usain Bolt, Jamaica, fraud case
Usain Bolt reportedly lost close to 10 million USD. Photo by Patrick Smith.
Source: Getty Images

The money was lost after a person defrauded the Stock and Securities Limited (SSL) where Bolt had invested his money in 2012. The Jamaican is one of the over 30 victims in the case which was taken over by the country's authorities.

The fraud case

It later emerged that it was a former employer of SSL who allegedly fleeced the company close to 1.2 billion USD of clients' money. It has now emerged that the person tried to borrow a loan from Bolt to repay the other victims in a brazen attempt to cover her deeds.

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Finance Yahoo reports that the said person reportedly approached Bolt's management team and confessed that she had falsified documents of SSL clients and stolen the money. She then went ahead to ask for a loan to repay the other victims.

Action from Jamaican authorities

Bolt's team then reached out to SSL, and it was then that it emerged that the legend's money was missing. The employee was subsequently fired for negligence and gross incompetence.

The incident rattled Jamaican authorities with SSL being put under the watchful eye of Bank of Jamaica Governor Richard Byles as Jamaica Gleaner reports. SSL has been barred from making any decision without prior approval from Byles.

Bolt fired his manager

The 36-year-old has also parted ways with longtime business manager Norman Pearl. Bolt expressed that the split was not on friendly terms.

"He was fired, that’s pretty much all I have to say. It wasn’t amicable… he was fired," as quoted by Bet.

Bolt's records

Sports Brief had earlier reported that there are fears that the money might never be recovered. He took to his Twitter account and uploaded a cryptic post about money.

Bolt is arguably the most decorated sprint star of all time. He retired in 2017 having won 11 World Championship medals and eight Olympic medals.

His times of 9.58 seconds in the 100 metres and 19.19 seconds in the 200 metres both set in 2008 are still the world records to date.

Bolt aims dig at US Magazine

Previously, Sports Brief reported that Usain Bolt took to his Twitter account to remind the world that he is still the greatest sprinter the world has ever seen.

A USA Track and Field Magazine FloTrack had pipped Fred Kerley to break Usain Bolt's long-standing record in the 100 metres races.

Kerley is part of the new generation of sprinters that have taken over since Bolt left the scene. Kerley stormed to victory in the finals of the World Athletics Championships in Oregon with a time of 9.86 seconds.

Source: Sports Brief News