Lawyers for eight-time Olympic gold medallist Usain Bolt say their client has been defrauded of $12.7m from his account with a private investment firm in Jamaica that authorities are investigating.

Bolt was informed last week that his account balance at Kingston-based Stocks and Securities Ltd (SSL) had inexplicably dwindled.

Linton P Gordon, a lawyer of Bolt, said on Friday the account which had $12.8m, is now left with only $12,000.

They threaten civil and criminal action if the money is not returned within 10 days. “We will be going to court with the matter” if the company does not return the funds, Gordon said.

“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,” he added.

SSL, a private wealth management company based in the capital, Kingston, was placed under “enhanced oversight” while the Financial Services Commission (FSC) investigates the firm.

SSL said it discovered the fraud earlier this month and that several of its clients may be missing millions of dollars.