Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Usain Bolt, Loses $12 Million in Alleged Fraud
Old 02-05-2023, 02:43 PM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,567
Usain Bolt, Loses $12 Million in Alleged Fraud

Even famous rich folks can get ripped!

Quote:
Jamaican Olympic sprinter Usain Bolt was shocked to discover $12 million missing from an account he had with Kingston-based investment firm Stocks and Securities Ltd., according to his lawyer.

Bolt was recently told there was only about $12,000 remaining in the account, his lawyer Linton P. Gordon said in a phone interview. The account was part of Boltís retirement and lifetime savings.
https://www.fa-mag.com/news/world-s-...6e4f-233707017
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-05-2023, 02:55 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Car-Guy's Avatar
 
Join Date: Aug 2013
Location: Back in the Dog House
Posts: 8,881
Wow, that went fast.


Good lesson, for the rest of us... Don't put all your eggs in one basket. (Which he didn't) But still 12m hurts.
__________________
I don't know how to act my age since I've never been this old before.
Car-Guy is offline   Reply With Quote
Old 02-05-2023, 02:57 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2016
Posts: 6,699
Take the money and run.
COcheesehead is offline   Reply With Quote
Old 02-05-2023, 03:15 PM   #4
Recycles dryer sheets
 
Join Date: Jul 2018
Location: Anaheim
Posts: 168
The Jamaican financial firm (SSL) at the center of an embezzlement scandal that ensnared Olympic sprinter Usain Bolt placed the blame on a single employee, who the company alleges also defrauded 39 other clients and even sought a loan from Bolt’s management team to help cover up her scheme.
Pointby2 is offline   Reply With Quote
Old 02-05-2023, 07:58 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 25,812
I hope that wasn't his last $12M. I also hope he learned something - FDIC SPIC insurance?

I'm assuming he could invest in the US?


-ERD50
ERD50 is offline   Reply With Quote
Old 02-05-2023, 08:21 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RunningBum's Avatar
 
Join Date: Jun 2007
Posts: 12,655
Most estimates from a google search say he is/was worth $90M.
RunningBum is offline   Reply With Quote
Old 02-05-2023, 08:41 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2016
Posts: 6,699
Quote:
Originally Posted by ERD50 View Post
I hope that wasn't his last $12M. I also hope he learned something - FDIC SPIC insurance?

I'm assuming he could invest in the US?


-ERD50
Both of those insurances would cover only a fraction of the assets.
COcheesehead is offline   Reply With Quote
Old 02-05-2023, 08:51 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
jollystomper's Avatar
 
Join Date: Apr 2012
Posts: 5,157
Quote:
Originally Posted by ERD50 View Post
I hope that wasn't his last $12M. I also hope he learned something - FDIC SPIC insurance?

I'm assuming he could invest in the US?

-ERD50
He could, but given that he is a Jamaican citizen who lives (at least mostly) in Jamaica, and does work and charity efforts to help Jamaica, he may have desired to keep a large amount (not necessarily all) of his investments there. This was money he set aside for retirement.

He is just 36, so he has some runway to recover from this.

I read the company's explanation of what happened. I found it hilariously and sadly ridiculous.
__________________
FIREd date: June 26, 2018 - "This Happy Feeling, Going Round and Round!" (GQ)
jollystomper is offline   Reply With Quote
Old 02-05-2023, 08:59 PM   #9
Thinks s/he gets paid by the post
zinger1457's Avatar
 
Join Date: Jul 2007
Posts: 3,185
One would think the financial company would be liable for the losses since it was one of its employees, hopefully that have the assets to cover it.
zinger1457 is offline   Reply With Quote
Old 02-05-2023, 09:11 PM   #10
Moderator
 
Join Date: Jul 2017
Location: Long Island
Posts: 3,063
Hopefully the funds can be recovered and all the victims made whole.
__________________
Use it up, wear it out, make it do or do without.
MarieIG is offline   Reply With Quote
Old 02-06-2023, 08:32 AM   #11
Thinks s/he gets paid by the post
 
Join Date: Jun 2017
Location: Western NC
Posts: 4,055
Quote:
Originally Posted by COcheesehead View Post
Both of those insurances would cover only a fraction of the assets.
Given it was fraud by their own employee the big brokerages in the USA would have made him whole.
ncbill is online now   Reply With Quote
Old 02-06-2023, 09:58 AM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 15,138
Quote:
Originally Posted by ncbill View Post
Given it was fraud by their own employee the big brokerages in the USA would have made him whole.
Since the employee did it to ~39 other customers, I wonder if the Jamaican fire has enough insurance and assets to cover the loss ?

While the US brokerages are huge, should an employee do a comparatively larger thing, would customers just lose a lot/most in the end.

It makes me want to keep the money divided between 2 brokerages at a minimum.

After all the Barings Bank was broken by 1 employee. Investors lost out.

https://www.theguardian.com/business...995-20-archive
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is offline   Reply With Quote
Old 02-06-2023, 01:20 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Apr 2010
Posts: 5,019
Somehow I doubt very much if he will be eating wieners and Kraft dinner for the next few months.

Perhaps someone will start a go fund me page for him.
brett is offline   Reply With Quote
Old 02-06-2023, 01:30 PM   #14
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 24,335
Even with a NW of $90mil that has to hurt. Hopefully he'll be made whole but who knows how such things are handled in Jamaica.
__________________
When I was a kid I wanted to be older. This is not what I expected.
Walt34 is offline   Reply With Quote
Old 02-06-2023, 01:42 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Koolau's Avatar
 
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 12,628
What does one thief do to spend $12 million (plus the other 38 people's money)? I would think most of the money would be recoverable. With a little persuasion (like life in prison vs a few years), I'm sure she would reveal where the money got to though YMMV.
__________________
Ko'olau's Law -

Anything which can be used can be misused. Anything which can be misused will be.
Koolau is offline   Reply With Quote
Old 02-06-2023, 05:37 PM   #16
Recycles dryer sheets
 
Join Date: Dec 2016
Posts: 349
hmmm, for the perpetrator, Jamaica to the Caymans isn't that far... although you do need a boat
FI_RElater is offline   Reply With Quote
Old 02-06-2023, 06:04 PM   #17
Thinks s/he gets paid by the post
 
Join Date: May 2007
Posts: 1,206
Quote:
Originally Posted by Koolau View Post
What does one thief do to spend $12 million (plus the other 38 people's money)? I would think most of the money would be recoverable. With a little persuasion (like life in prison vs a few years), I'm sure she would reveal where the money got to though YMMV.


Financial crimes in places like that are rarely prosecuted if ever. Thereís a lot of corruption and often the offending parties are well connected. They often just move away from the islands. The only reason why we know about this because itís Usain Bolt. It happens everyday in places like that and the crimes go unreported.
Letj is offline   Reply With Quote
Old 02-06-2023, 06:06 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
jollystomper's Avatar
 
Join Date: Apr 2012
Posts: 5,157
Quote:
Originally Posted by Koolau View Post
What does one thief do to spend $12 million (plus the other 38 people's money)? I would think most of the money would be recoverable. With a little persuasion (like life in prison vs a few years), I'm sure she would reveal where the money got to though YMMV.
Unless if revealing where the money went to would result in her death or the death of her relatives. In that situation many are willing to deal with prison.
__________________
FIREd date: June 26, 2018 - "This Happy Feeling, Going Round and Round!" (GQ)
jollystomper is offline   Reply With Quote
Old 02-06-2023, 06:11 PM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Koolau's Avatar
 
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 12,628
Quote:
Originally Posted by Letj View Post
Financial crimes in places like that are rarely prosecuted if ever. Thereís a lot of corruption and often the offending parties are well connected. They often just move away from the islands. The only reason why we know about this because itís Usain Bolt. It happens everyday in places like that and the crimes go unreported.
If that is correct (and I have no reason to doubt it) why would anyone place $12 million at risk there? Of course, maybe the local gummint doesn't want money going off shore.
__________________
Ko'olau's Law -

Anything which can be used can be misused. Anything which can be misused will be.
Koolau is offline   Reply With Quote
Old 02-06-2023, 06:22 PM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
jollystomper's Avatar
 
Join Date: Apr 2012
Posts: 5,157
Quote:
Originally Posted by Koolau View Post
If that is correct (and I have no reason to doubt it) why would anyone place $12 million at risk there? Of course, maybe the local gummint doesn't want money going off shore.
There still people who have done well who hope to make a difference in their homeland. From what I have read, Bolt is one of those people. He may have looked at it as another way to support business in his country, and by doing so they would be better able to help others. Sadly this time it did not work out.

Of course, the news rarely reports and makes big headlines when things do work out, so I would not agree that it "happens every day" there. I have several examples within our family, which includes Caribbean/Latin America heritage, of honest financial dealings. DW was tracked down by a lawyer overseas on an inheritance situation she was not aware of and was sent the money.
__________________
FIREd date: June 26, 2018 - "This Happy Feeling, Going Round and Round!" (GQ)
jollystomper is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Retiring in a Million Dollar home or a Multi-million Dollar Home cyber888 Life after FIRE 112 08-29-2019 02:29 PM
From 100 million to 4 million FANOFJESUS FIRE and Money 19 08-22-2009 11:15 AM
John Daly loses $50M gambling Dawg52 Other topics 7 05-02-2006 05:38 PM
GM loses over a Billion Last Quarter...... Cut-Throat FIRE and Money 9 04-21-2005 12:48 PM

» Quick Links

 
All times are GMT -6. The time now is 06:10 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2023, vBulletin Solutions, Inc.