According to Essentially Sports, this month, Bolt's own Stocks and Securities Limited (SSL) retirement fund was conned out of almost $9,998,000.
The sprinter's "retirement funds wiped gone," the article continued, and he "fears he won't recover money."
According to the research, 30 individuals—including the Jamaican athlete—lost a combined $1.2 billion from the SSL as a result of an internal staffer helping an outside financial advisor.
Despite the initial suspicions being raised in August 2022, the con artist evaded capture, and it is currently unknown whether the stolen riches will ever be recovered.
Bolt's financial struggles probably included income from his Puma ambassadorship, which he started in 2013 and reportedly earned him $10 million annually, according to Reuters.
In November of last year, Bolt posted a tagged Instagram image in support of the company while sporting a black, coral, and turquoise sweatsuit and golden yellow color-blocked sneakers.
According to Essentially Sports and the Financial Services Commission (FSC), the SSL has been accused of making illegal sales in the past.
An FSC organisation revealed in the study that the SSL ignores permission processes for FSC-based transactions, which has led to investors questioning the SSL.