Latest update April 24th, 2024 12:59 AM
Nov 11, 2020 News
Kaieteur News – Principals of Accelerated Capital Firm (ACF) Inc., the company that investigators accuse of running a Ponzi scheme that bilked 17,000 Guyanese of billions of dollars, is now offering to repay them in digital money.
Yuri Garcia- Dominguez, a principal of the company, is seeking to make the payments in cryptocurrency.
Cryptocurrency is a digital method designed to work as a medium of exchange wherein an individual can do online transactions – the most popular cryptocurrency is bitcoins.
Dominguez and his wife, Ateeka Ishmael, both officials of ACF, are charged for allegedly running a Ponzi scheme in which in excess of US$20M was swindled out of the pockets of thousands of Guyanese.
The couple has also been slapped with two charges under the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Act.
Almost one month after the repayment process was halted due to the seizure of monies, electronics, and financial documents by the Special Organized Crime Unit (SOCU), an arm of the Guyana Police Force, the total number of persons that were repaid remains at 27.
Seen by this publication was a message from marketers of ACF to investors.
According to the message, Dominguez has decided to repay his investors using cryptocurrency since cash and cheques are not an option due to the difficulties getting access to the accounts.
In the message, the investors were told that, “Mr. Yuri will use an app called CoinZoom where he will transfer bitcoin to the marketers’ e-wallet and from there you will immediately sell the bitcoin for US dollars.”
“Afterwards, you can wire transfer the money to your bank account without any issue. Therefore, I will send a link for you to register on CoinZoom to activate your e-wallet. When you are called in by ACF for your payment, you can walk with your CoinZoom information to do the transfer.”
Notably, there were no details in the message where or to whom the bitcoins will be sold and what account will be established for the investors to transfer the money to their local accounts.
Moreover, the new repayment method that Garcia-Dominguez is seeking to implement has caused investors to worry about the further disadvantages in getting the bitcoins changed over to cash and whether or not it is just another delay tactics.
Last month, the couple appeared in court and was not required to plead to operating a Ponzi scheme in breach of the Consumer Affairs Act, No. 13 of 2011, and carrying on a business without registering with the Guyana Securities Council, in breach of the Securities Industries Act. Cap 73:04
They denied the charges and were released on $25,000 bail each on each charge.
The charges were all under the anti-money laundering laws that were introduced a few years ago.
This case would be one of the major ones in which the laws are being tested.
The AML/CFT Act, Chapter 10:11…the laws prohibit businesses from operating as financial Institutions without the necessary registration for regulation and supervision by the Regulatory Authorities, the Financial Intelligence Unit (FIU) and Guyana Securities Council.
Attorney-at-law, Dexter Todd, is representing the duo.
Prior to the anti-money laundering charges, the two had appeared in three different magistrates’ courts on the East Coast of Demerara, slapped with 80-plus fraud charges, which allege that they obtained monies under false pretense.
They were released on $30M bail after spending over a month in prison on remand.
According to reports, Garcia-Dominguez and Ishmael are officials of ACF Inc. and they allegedly lured thousands of Guyanese claiming that by investing with their company, persons would get at least 40% return.
The investors were also encouraged to enlist additional investors on a 10% commission basis.
ACF Inc. is not registered with the Guyana Securities Council to conduct financial business, either as an investment advisor and/or a broker.
The new government, under Irfaan Ali, had launched an investigation after complaints by investors of not receiving their money.
Accelerated claimed that it is trading foreign currencies.
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