Usain Bolt has rarely lost a race on the track, but off it, he’s been chasing something far more elusive. And it is nothing but his own money. On January 12, 2023, the news broke that $12.7 million had vanished from the 8x gold medalist’s retirement fund at Stocks and Securities Limited (SSL). Attorneys for Bolt said the star athlete’s account had dwindled to just $12,000 back then. A national scandal erupted. Investigations began that brought out some grave details.

In December 2023, the Financial Investigations Division (FID) said there were “over 200 affected accounts and a staggering amount exceeding $4.7 billion (US$30 million) attributable to fraud and other irregularities related to clients’ funds” at SSL. Moreover, The fraud was reported to have been going on for 13 years. Everton McFarlane, executive director at Jamaica’s Financial Services Commission (FSC), had said back then, “To the knowledge of the FSC, this level of fraud has never happened before.” Nigel Clarke, the then-finance minister of Jamaica, had also expressed strong sentiments about uncovering the truth behind it.

“They [authorities] will unearth exactly how funds were allegedly stolen, who benefitted from such theft and who organized and collaborated in this.  If you rob depositors or you defraud investors … and you put our financial system and our way of life at risk, the Jamaican society wants you put away for a long time,” Clarke had said. Jamaica had even asked the FBI for help. Clarke has since embarked on his international stint, as he assumed the role of Deputy Managing Director at the IMF on October 31, 2024. However, for the world’s fastest man, the finish line is nowhere in sight in the case. And now, it seems, Bolt is done staying silent!

Bolt, in an interview, has delivered a blunt message: his patience is wearing thin, and his trust in Jamaica’s financial system is shaken. Sitting down on ‘The Fix’ YouTube podcast, Bolt noted that he has declined numerous requests from “international people” to speak about his loss because of his love for his country. “Because at the end of the day, it a go hurt Jamaica a lot, so me try avoid that,” he explained. However, he said that after several conversations and waiting over two years, things appear to be at what he described as a “stalemate”. when Bolt was asked whether he wanted to talk about the fraud at some international level, Bolt didn’t hesitate a bit and said, “Yeah, the more international press you get, sorry for Jamaica, but I have to get back my money.”

When asked how active the Government has been, he replied: “It’s been two years. There have been conversations, but nothing has materialized out of those talks. If they were doing enough, it would a reach a certain level already” Notably, the investigation till now has resulted in Jean-Ann Panton, a former wealth advisor at the firm, being the sole person to be charged so far. But the 100m and 200m world record holder said he doesn’t believe Panton is the only person involved in the fraud.

“So yah go tell me all this money missing and a one person know ’bout it? One somebody can’t move round (that amount of money) and nobody else nuh know ’bout it in a big institution where it’s suppose to be regulated right,” Bolt said, recognizing that several other persons were impacted by the fraud at SSL. On that note, he also addressed the long-running rumours that he has remained silent on the matter because he has received his stolen funds.

“And people, mi nuh get back mi money, so stop… If you know who I am, no matter wah gwaan inna mi life, you know say mi nuh say nutten ’bout it. I am always the person to make it float round till it leave,” the retired sprinter shared. The hosts pressed further about what he thinks about pulling all his investments from Jamaica. Bolt clarified and said, “Never just completely abandon the country, but the new money, you just hold off, put the new money in the country until you know that it makes sense.” The talk then shifted to his cryptic posts on the matter in question.

For the last two years, Bolt has posted cryptic messages, and one such message came in October 2023. He posted on X: “Broken words not broken records [watch emoji].” To the untrained eye, it was just a clever play on words. But for those paying attention, it was a warning shot. Bolt had spent years setting records, but now he was watching promises shatter in real-time. This wasn’t the only time he hinted at his frustration.

Over the past two years, Usain’s subtle messages, have each been a little sharper, a little louder. But does he think the world will just forget if he stops dropping such posts? Probably, a big yes! “Definitely,” he admitted on the podcast. “That’s why say when you see no progress, something change. You, something insanity doing something over, over again. You see this go over, over…. so to try something different,…….talk to and about it, about conversations….” However, on Jamaican side, there has only been talks with little action.

In September 2023, Keron Burrell, executive director of FSC, said to Caribbean Life, “The FSC remains resolute in its mission to facilitate the fair treatment of SSL investors. This vigilant oversight is crucial to ensuring that SSL meets its obligations to clients in a timely and transparent manner, in alignment with the legal and regulatory framework established by the Securities Act. The commission assures all stakeholders that it is dedicated to maintaining transparency and accountability throughout this process and will provide further updates as necessary.” Notably, Usain Bolt is not the first athlete to be caught off guard.

Usain Bolt isn’t the only one

Usain Bolt’s financial loss may be the latest in a long line of athletes who have been swindled, but not the only one! Many stars before him have faced similar fates, some even by people they trusted to manage their wealth. Not so long ago, NBA players Jrue Holiday, Chandler Parsons, and Courtney Lee lost almost $5 million to a Morgan Stanley advisor in 2023. Also, do you remember the Peggy Ann Fulford case?

Yes, the one where she duped former NFL star Ricky Williams and NBA legends Dennis Rodman and many more. She stole millions by falsely claiming to be a Harvard graduate and financial expert. But in this case, justice was served, and she was sentenced to 10 years in 2018. Sadly, we are not done yet!

Tim Duncan lost $20 million to a trusted associate, and here as well justice was somewhat served as per a court order from 2018 about $7.5 million was paid in restitution. Former MLB pitcher Jake Peavy, NFL quarterback Mark Sanchez, and baseball star Roy Oswalt lost over $33 million to Ash Narayan, which came to light in May 2016.

Some of these athletes got partial restitution. Others never got a cent! And for Bolt, he is at a crossroads. Will his case bring justice or just remain as another cautionary tale?