Latest update April 18th, 2024 12:59 AM
Dec 13, 2020 News
Kaieteur News – More than three months after the shocking arrests and charges of two officials for allegedly running a Ponzi scheme in which 17,000-plus investors were affected, there is little word about the promised repayments.
Kaieteur News had reported that the principals of Accelerated Capital Firm (ACF) Inc., Yuri Garcia-Dominguez and his wife, Ateeka Ishmael, are accused of running a Ponzi scheme that bilked Guyanese of billions of dollars – over $4B (US$20M).
On November 12th, the company commenced the repayment process but, the last figure that was reported based on persons familiar with the situation, is more that a mere 100 persons were repaid.
However, thousands of investors are still waiting impatiently as the holiday season approaches.
This publication made several attempts to garner details but there has been little forthcoming.
The officials, a marketer for the company and Garcia-Dominguez’s attorney, Dexter Todd, were contacted. Up to yesterday afternoon, Kaieteur News messaged the attorney, but in vain as he did not respond.
Last month, the alleged Ponzi scheme operators announced that no one will lose their investments and that they are slated to meet with heads of the state agencies that are currently investigating them.
The ‘investors’ had included businessmen and church members, with a number of religious leaders accused of recruiting unsuspecting Guyanese.
Accelerated, in a statement, has asked for patience: “We ask of you for your continued patience and tolerance as we assure you that no one will lose their investment and that an end to this matter will be soonest.”
In that release, too, the company acknowledged the delays in the repayment process that was promised by Garcia-Dominguez since September.
“This delay has not been without justification as the company is attempting to do everything legally possible to ensure that repayments are done in the shortest possible time.”
The company highlighted that the repayment process is stalled due to many obstacles from the ongoing investigation.
Earlier this month, the company had offered to repay its investors in digital money.
Garcia-Dominguez had announced that he is seeking to make the payments in crypto currency.
Crypto currency is a digital method designed to work as a medium of exchange wherein an individual can do online transactions – the most popular crypto currency is bitcoins.
However, Attorney General (AG), Anil Nandlall, had told Kaieteur News, that the proposed crypto currency repayment method by the principals of ACF is not a legal tender in Guyana.
Kaieteur News had also contacted an official at the Bank of Guyana (BOG) who was unable to confirm the use of crypto currency in Guyana since the bank is not aware of it.
Garcia-Dominguez and his wife 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.
They have also been slapped with 80-plus fraud charges.
According to police, Garcia-Dominguez and Ishmael allegedly lured thousands of Guyanese claiming that by investing with their company, persons would get at least 40 percent return.
The investors were told that the money would be invested in trade of foreign currency.
The investors were also encouraged to enlist additional investors on a 10 percent commission basis.
The company had never advertised their business in the mainstream media.
ACF Inc. is not registered with the Guyana Securities Council to conduct financial business, as either an investment advisor and/or a broker.
This was what had triggered the probe.
The new government, under Irfaan Ali, had launched an investigation after complaints were made by investors of not receiving their money/returns.
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