Looks like Usain Bolt’s losses, (estimated at 12.7 million) are the result of a deceptive scheme. Usain Bolt’s attorneys claim that he is missing $12.7 million from his account with a Jamaican private investment company.
Bolt’s account once held $12.8 million, but now only has a balance of $12,000, according to lawyer Linton P. Gordon. Gordon wrote to Stocks & Securities Limited and requested that the money be given back to his client. According to Linton P. Gordon, Bolt could be the victim of a serious act of fraud, theft, or a combination of the two.
If the money was not returned to his account within ten days, Bolt and his attorney threatened to take civil and criminal action. The business claimed that several customers may have been impacted by the fraud, which it discovered earlier this month. The Jamaica Financial Services Commission is looking into the company.
Millions of dollars could not be found.
Stocks and Securities Limited (SSL) has been put under “enhanced scrutiny” for the duration of the investigation, the Financial Services Commission of Jamaica (FSC) announced on Thursday. Usain Bolt’s manager, Nugent Walker, told the Jamaica Gleaner that the former Jamaican sprinter made an investment in the business about ten years ago. All efforts have been made to determine the outcome of this story, the eight-time Olympic gold medalist said, adding that Wednesday was the day he became aware of irregularities on his account.
Walker added, “His entire (investment) portfolio is being examined.” According to the newspaper, there are millions of dollars missing. There was no immediate comment from Nugent Walker. When reached, SSL had not responded by Friday. According to the FSC, SSL has been the subject of “allegations of fraud.” It claimed in a statement that it had given the company “instructions” that allowed it to set up an “enhanced monitoring process.” The FSC can keep track of all transactions, including the influx and outflow of money and securities, thanks to this procedure. The FSC continued by saying that it would “investigate” the business concurrently.
Stories of fraudulent business schemes
If all the investigations confirm the fraud case, that will be one more fraudulent investment scheme to be discovered and reported, adding to the already long list of investment scams. Many people around the world get conned into investing in these schemes and often lose a significant amount of their hard-earned money.
Usain Bolt is a public figure; his case is certainly attracting many people’s attention and will certainly make a big noise if fraud is confirmed. But it is important to remember that there are countless anonymous victims worldwide who have not received the same level of attention. So, it’s important to know the risks of investing in schemes that could be scams and to check out the background and credentials of any organization before deciding to invest.
If we recall, stories about fraudulent business schemes are not new. We remember cases like Bernie Madoff’s massive Ponzi scheme and, more recently, Elizabeth Holmes‘ fraudulent claims about her health technology company, Theranos.
Despite these widely publicized cases, however, the vast majority of victims of fraudulent investment schemes are unknown to the public, since people keep taking the risk of investing in the hope of achieving a higher return than is generally available through more traditional investment vehicles.
Anyway, from the beginning to the present, these documented cases demonstrate that no one is immune to this type of deceptive scheme. Although the perpetrators of these fraudulent schemes have been exposed and held accountable for their actions, their victims are often left in financial ruin.
So, today people who have much less influence or power, thinking about investing, need to think twice and act carefully.
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