The year 2023 proved to be a difficult year for Olympic legend Usain Bolt as he lost 12.7 million dollars due to a fraud case with a Jamaican investment firm. The FBI got involved, which made the government of Jamaica step in and do the due diligence investigation. The situation left Bolt and many of his fans disbelieving. As it is a tough nut to crack for an eight-time gold medalist, one thing is for sure: Bolt does not intend to allow it to identify him. Believe it or not, after suffering such a huge blow, it seems the man has managed to overcome a defining moment in his life by focusing on something that genuinely motivates him. Surprising, isn’t it? He decided to make great strides with the sprinters of tomorrow and is pouring his energy into something truly astounding. But what is it all about?

Earlier this week, on March 18, 2025, the Usain Bolt Foundation made a jaw-dropping announcement of a 6.1 million Jamaican dollar aid to six rural high schools in Jamaica, which could set the stage for the student athletes’ participation in the ISSA Boys and Girls Athletics Championships (Champs) 2025. He is working hand in hand with PUMA and plans on donating spikes and financial aid to schools like William Knibb Memorial High School and Lacovia High School, ensuring these kids have ample opportunities to showcase their talents. This initiative not only uplifts rural communities but will surely cement Bolt’s legacy in sports.

Bolt’s passion for giving back shines through in his own words, shared in a post by @TracksidewidMel, a freelance journalist writing for

L’EQUIPE on X. The said user shared the news by sharing what looked like pictures of a declaration of donation made by the Usain Bolt Foundation, and the post caption read, “Usain Bolt Foundation gives back millions to rural schools to prepare for ISSA Champs 2025.” The said declaration also had Bolt’s statement. And what did it read?

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Being able to support not just my school, but also other schools and young athletes through my foundation, is something I do not take for granted. I know firsthand what track and field has done for my life, and I hope that through this initiative, we can help change the lives of these students and young athletes in a positive way.” This donation also builds on Bolt’s history of supporting Jamaican education, like his 2021 laptop donation to rural schools, showing his commitment runs deep.

This isn’t the first time Bolt has given back in a big way. After his historic performance at the 2016 Rio Olympics, he donated all $20 million of his earnings to his alma mater, William Knibb Memorial High School. His generosity extends even further—he has previously auctioned off three pairs of his signature gold sprinting shoes to benefit the New York-based Jamaican charity, Children of Jamaica Outreach (COJO) Inc. These sneakers, gifted by Puma, were part of a limited edition commemorating Bolt’s world record-breaking 9.72-second run at the 2008 Reebok Grand Prix in New York, just months before his jaw-dropping Beijing Olympics performance.

Despite facing financial adversity, Bolt is proving that his legacy isn’t just about records—it’s about impact. But what is the nearly $12M scam?

When Usain Bolt lost more than $12 million in savings to a scam

Usain Bolt, the legendary Jamaican sprinter, faced a financial shock that no amount of training could have prepared him for. The eight-time Olympic gold medalist was stunned to learn that a staggering $12 million had vanished from his account with Stocks and Securities Limited (SSL), a Kingston-based investment firm. What was once a sizeable fortune had dwindled to just $12,000, leaving Bolt and his team reeling from the discovery.

As the scam unfolded, Bolt took to Instagram to express his frustration. He shared a story that simply read: “Twelve Million, Seven Hundred Fifty-Eight Thousand, One Hundred Eighty-One dollars and Seventy-Four Cents.” Accompanying the post was a song with lyrics that hinted at his emotions—‘What goes around comes all the way around.’ In his autobiography, he described how tears welled up as he pondered his next move.

Usain Bolt recently spoke about the current $12.8 million fraud case that has taken a substantial toll on his finances. In an Instagram post in February 2025, he vented his anger at not being able to recover his money, saying, “This happens to me; I’m gonna have two years and we can’t see back a dime.” Financially, Bolt is still one of the richest athletes with an estimated net worth of approximately $90 million. His earnings mainly derive from high-paying endorsement contracts, such as a $10 million-per-year deal with Puma.

Despite the financial hit, Bolt’s career has been nothing short of lucrative. In 2011, SportsPro named him the world’s most marketable athlete, and he went on to represent major global brands like Puma, Hublot, Nissan, and Gatorade, accumulating millions in endorsements. By the time his book ‘Faster Than Lightning’ was published, Bolt’s net worth was estimated at $24.2 million. Reflecting on his early struggles, he wrote, “If that happened today, I’d buy myself another ticket,” highlighting how far he had come since those days of uncertainty.

However, the fraud case involving SSL was more than just Bolt’s personal misfortune. Internal thefts by multiple employees defrauded him and several other investors, amounting to a staggering $30 million over 13 years. Elderly clients and even government agencies were caught in the web of deception. The scale of the scandal prompted Jamaican authorities to seek assistance from the FBI, signaling just how deep the corruption ran. Though the scam left a dent in his fortune, it has not slowed him down, as he continues to inspire and invest in the next generation of athletes.