Usain Bolt $12.7 million scam: All you need to know about the 2023 incident that shook the Olympic gold medalist

Usain Bolt, the retired Jamaican sprinter with multiple records from track and field, lost $12.7 million of his savings after he put a massive amount into an account under the name Welljen he opened with Stocks and Securities Limited. The scam unfolded in 2023 and both Bolt and his attorney rallied to get to the depth and recover the money.

Bolt, inarguably the greatest sprinter of all time, boasts the 100m, 200m, and 4x100m relay world records, three BBC Overseas Sports Personality of the Year awards, four Laureus Sportsman of the Year honors and others. In January 2023, it came to the fore that he was defrauded of $12.7 million from his account with the Kingston-based SSL. Alongside him, several people became victims of the scam, and a sum of over $30 million disappeared.

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Bolt's take on the fraud case involving SSL

Bolt, a legend in track and field, had not quite clearly and openly talked about the matter and instead left cryptic messages on his social media handles. However, in a recent episode from The Fix Productions, he addressed the issue:

"This is the most I’ve ever talked about it. I must say, because of who I am, there are a lot of international people who have called. They said, ‘Do you want to speak?’ And I said, ‘Nah man, anytime.’ But now, at some point, I have to start saying something. Now I have to be careful because now you’re looking at everybody sideways. If this happens to me and it’s going to be two years and I can’t see back, I can't say I've received a dime.”

This came simultaneously with a Jamaican councilor asking the track legend on X:

"Did you get advice or directive from Government directly or indirectly regarding making the investment you made and then lost? Was it all privately done? Have you sued the person who managed your affairs? These questions if answered will give us here perspective."

In response, Usain Bolt said:

"Trying to victim shame me.. don’t be a Syndicate!"

Bolt further said in another X post:

"In Jamaica when you speak your truth the syndicates & bots will come for you.."

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Bolt's lawyer Linton P Gordon shared some details in January 2023 immediately after the defrauding incident

Linton P Gordon revealed that the team would seek help from the court, saying:

"We will be going to court with the matter. 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."

Usain Bolt's team also gave a deadline of 10 days if the money didn't get credited back.

The finance minister of the country was also worried about the situation while the Financial Services Commission, which investigated the firm, assured stakeholders of the return. However, as of February 2024, Usain Bolt hasn't received a "dime".

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Usain Bolt's lawyer recently shared details about another fraud case involving the same firm

Usain Bolt's lawyer Linton Gordon, recently accused the Jamaican government for a fraud of $6 million during a financial scam allegedly perpetrated by Stocks and Securities Limited. In a statement, Gordon said:

"There now appears to be an organized effort to shift blame onto the Honorable Usain Bolt for his loss-when he is guilty of nothing more than investing in the country that he loves. This is a textbook case of victim-blaming, and it appears to be an attempt to absolve the government of its failure to protect public and those defrauded by SSL."

Bolt retired from the track a year after he defended his sprinting titles at the 2016 Rio Olympics. Despite that, he stayed closely connected to the sport through different roles.