Usain Bolt reportedly loses $10 million in fraud probe

Last week, it was reported that the world’s fastest man, Usain Bolt, was a victim of fraud by a local Jamaican investment company, Stocks and Securities Limited (SSL). Now, a report by the Jamaica Observer states that he has lost upwards of $10 million. 

On Jan. 16, The Jamaica Observer reported that Bolt apparently opened his account with SSL in 2012 but has never made a withdrawal. “Bolt said to have invested just under US$10 million. However, the source stated that only US$2,000 remains in the account,” according to The Observer.

Bolt is one of the highest-earning track and field athletes of all time, earning a reported $33 million in 2016 alone. In 2018, Bolt was listed as the 45th highest-paid athlete in the world, according to Forbes. He retired from athletics in 2017.

According to a report, Bolt is among more than 30 people believed to have been fleeced by a wealth advisor at SSL, which has since been placed under “enhanced oversight” while the Jamaican Financial Services Commission (FSC) conducts an inquiry.

On Monday, Bolt took to social media to comment, referencing a social justice diss track he released three months ago called Cryptic World. Although Bolt did not directly comment on his financial situation with SSL, the lyrics of the song reference that the love of money is the root of all evil.

“In a World of Lies… Where is the Truth? The History Evil… What is the Root?… MONEY #CrypticWorld,” the four-time Olympian wrote on his social media.

“In a World of Lies….Where is the Truth?
The History Evil….What is the Root?…MONEY #CrypticWorld pic.twitter.com/vhN0PfKFKz

— Usain St. Leo Bolt (@usainbolt) January 16, 2023

When Bolt was asked in October 2022 the meaning behind his new release, he said, “Every day I meet someone who shares struggles that they are faced with […] asking me how I can assist. The song is my way of saying to people, yes, I hear you, and will always do my best to help or shed some light on the different issues in Jamaica.”

He set the 100m and 200m world records at the 2009 World Championships in Berlin, where he won double gold. He is the only sprinter to have won three consecutive Olympic gold medals in the men’s 100 metres and 200m, from Beijing 2008 to Rio 2016.