Usain Bolt's Lawyers Threaten Lawsuit Claiming $12.7 Million Is Missing from His Investment Account

Natasha Dye
·2 min read
Usain Bolt
Usain Bolt
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Olympian Usain Bolt is missing more than $12.7 million from his account at a private investment firm, his attorney said.

Linton P. Gordon, who represents Bolt, sent a letter to Stocks & Securities Limited demanding the missing funds be returned to Bolt's account. Gordon provided The Associated Press with a copy of that letter.

According to the letter, Bolt's account with the firm, which once held $12.8 million, now contains just $12,000.

Bolt's lawyer said, "If this is correct, and we are hoping it is not, then a serious act of fraud larceny or a combination of both have been committed against our client."

RELATED: Usain Bolt Says He's 'Busier Now' That He's Retired from Running and Soccer

Stocks & Securities Limited will have 10 days from Monday — when the letter was sent — to return the money before Bolt's legal team will pursue civil and criminal action, per the AP.

Stocks & Securities Limited and representatives for Bolt did not immediately respond to PEOPLE's request for comment.

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On Tuesday, Jamaica's Financial Services Commission said it had launched an investigation into the company and taken over temporary management. The firm has asked clients with additional concerns about missing funds to inquire with Jamaica's Financial Services Commission. On its website, the company said it is "closely monitoring the matter" and promises to "alert our clients of the resolution as soon as that information is available."

According to the AP, Stocks & Securities Limited is permitted to continue operating, but will need government approval on any transactions.

RELATED: Usain Bolt Says Keeping Up with 'Pandemonium' of Three Kids Is More Challenging Than Olympics

Bolt, an eight-time Olympic gold medalist, announced his retirement from competitive sports in 2019, telling fans he planned to pursue a handful of business ventures.

"I'm just doing many different things … the sports life is over, so I'm now moving into different businesses," he continued. "I have a lot of things in the pipeline, so as I say, I'm just dabbling in everything and trying to be a businessman now."