Usain Bolt still remembers every cent of the savings that he lost in the 2023 SSL debacle. Two years ago, the eight-time Olympic gold medalist was shocked to discover that he had only about $12,000 remaining in an account with Kingston-based investment firm Stocks and Securities Limited (SSL) while he was missing over $12 million from his account. A series of events including the Jamaican government seeking the intervention of the FBI, and Bolt firing his business manager followed and last year there were reports that SSL would be paying money to those affected, Bolt’s recent update reflects he is yet to receive his share.

While Bolt laughed off the question of whether he was broke in the aftermath of the fraud, he did mention that it “put a damper on me” as the money was for the future. Bolt said, “Everybody knows I have three kids. I’m still looking out for my parents, and I still want to live very well.” This incident would have hit Bolt deeply considering how a splendid career transformed his life from Sherwood Content, a humble village in Jamaica, to the riches of global stardom.

Less than a week ago, he took to Instagram to air his frustration with the ongoing fraud case. “Twelve Million, Seven Hundred Fifty-Eight Thousand, One Hundred Eighty-One dollars and Seventy-Four Cents,” Bolt wrote in a story. The post was accompanied by a song with the lyrics ‘What goes around comes all the way around,” a telltale sign of how the Olympian felt.

As the track and field icon still seeks to recover his hard-earned money, a peek into his past reveals just how much he had to struggle early in his career. In his 2013 autobiography ‘Faster Than Lightning,’ Bolt recalled a night in London from his junior athletics days and how poor finances had him feeling helpless in that situation.

The former world champion explained how missing a flight from London reminded the athlete of his financial woes in around the year 2002. “I was invited to collect the IAAF Rising Star Award,” wrote Usain Bolt. While the JAAA paid for the expenses, missing that flight meant he was stranded and felt lost. “‘What the hell is going to happen now?’ I thought. Tears came down,” the Olympian revealed in his autobiography.

This was long before the Jamaican became the fastest man in history. So with no money in his pocket, he just stood in front of the counter and wept. However, he calmed down after a lady attended the athlete. “When this happens, the company puts you up in a hotel for the night,” Usain Bolt wrote about the lady’s assuring words.

“We’ll get you on a flight home first thing tomorrow morning. You’ll be fine,” the attendant reassured Bolt. For someone who had come from a village in Jamaica with no street lights, and limited running water and was looking to claw his way to the top, this was a scary moment.

Talking about the ordeal further, Bolt said, “I was a kid, 16 years old, I had no money, and for a while, I thought I was going to be stranded in England forever.” It was at the same age that the world began taking notice of Bolt’s abilities. In 2002, he became the world junior champion. By 2007, he was the fastest man in history, setting his first 100m world record. A year later at the Beijing 2008 Olympic Games, Bolt was a worldwide sensation.

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He won the men’s 100m sprint and then added the 200m and 4x100m title to secure a famous triple. Moreover, he broke the world record in all three events. Four years later in London, he secured his second triple, once again sweeping three events. A ‘triple triple’ at Rio 2016 followed cementing Bolt as arguably the greatest track and field athlete of all time. The success came with a growing brand value.

In 2011, he was ranked by SportsPro as the world’s most marketable athlete and served as a spokesperson for global brands such as Puma, Hublot, Nissan, Gatorade, and many others, raking in millions of dollars in endorsement earnings. By the time ‘Faster Than Lightning’ came out, Bolt had an estimated net worth of  $24.2 million. Recalling the London airport ordeal Bolt wrote in his book, “If that happened today, I’d buy myself another ticket.”

His parents, Wellesley and Jennifer Bolt ran a local grocery store, instilling values of hard work and money in Usain from an early age. But after money came his way, Bolt admitted that he got a little carried away. In 2021 he said, “When I started coming up, I spent a little bit more than I wanted to.” However, his teammates helped him understand the finances and how to save money which proved to be useful.

In 2020, Bolt shared a photo of himself on Instagram in front of a luxury vehicle with the caption, “Many of us are building from scratch. No inheritance, No back ups, Making our own connections. Just God and Pure Resilience,” highlighting how he has built himself up from the ground.

His rags-to-riches journey is also why Bolt still laments losing his money.

What will happen to Usain Bolt’s money?

After years of striving to become the greatest sprinter in the world, Bolt didn’t just earn global fame and world records but also left his financial struggles behind. So when the 38-year-old man who only dealt in gold in the Olympics entrusted an estimated $12.7 million of his savings to the Jamaican investment firm in 2012. However, little did the athlete know that the firm itself was prone to sabotage.

Internal thefts by several SSL employees defrauded Usain Bolt alongside multiple other investors, with the total amount adding up to a whopping $30 million. The fraud lasted 13 years and also ensnared elderly clients and government agencies. The Jamaican authorities reached out to the FBI looking for assistance in the case.

Bolt’s holding company, Welljen, filed a lawsuit against SSL and Jean-ann Panton, a former client relationship manager at SSL to recover damages.

After over a year of investigation by Jamaica’s Financial Services Commission (FSC), things appeared to be closer to a resolution last year after FSC assured that every investor would get their money back. “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,” said FSC Executive Director Lt. Col. Keron Burrell as per The Gleaner in September 2024. 

However, it was reported that SSL is requesting that clients accept only a portion of their funds in the payout. In October, Bolt’s attorney, Linton Gordon, criticized the lack of progress, leaving Bolt and other affected clients in the dark over the recovery of their funds. Bolt was apparently unhappy over the fact that despite the involvement of the FBI, no positive update had emerged.

Gordon said, “He’s (Bolt) very frustrated and disappointed. He’s simply shocked and disappointed to know a country he has put on the map and he put his money in an institution here, that he has lost it or he can’t get it back.” 

Judging by Usain Bolt’s latest Instagram post on the matter, it seemed the track and field athlete has yet to receive the money and the future of his finances remains in limbo.