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Securities Council warns fraudsters fleecing unsuspecting Guyanese

Oct 29, 2019 News

The Guyana Securities Council (GSC) has issued a warning to citizens to be on the lookout for ponzi schemes.
These are, in essence, scams where citizens are asked to invest in businesses where the returns are good to be true.
In the Sunday’s editions of Kaieteur News, the financial systems regulator in a public notice advised that Accelerated Wealth Inc., Forex Trading, Yuri Garcia-Dominguez and Ateeka Ishmael are not licensed by the GSC to conduct securities business in Guyana.
The parties are also barred from soliciting investments from the public, as they have no securities registered with the GSC that can be legally offered to the public.
“In addition, the GSC does not have before it any applications from entities or persons to obtain securities dealers’ licences or to register any of their securities. The Securities Industry Act 1998 requires all persons conducting securities business or investment advice business in Guyana to be licensed by the Guyana Securities Council to do so,” the notice said.
The Act also requires that securities be registered by the GSC before they can be offered to the public.
The Council asked that any person who has conducted transactions with the parties to contact them at the Bank of Guyana building,
From indications, the parties alleged involved locals and Cubans and have been approaching persons to invest in businesses, which could earn then up to 40 percent in returns.
At least three persons have lost over $2.4M.
One of the individuals has now applied to the Department of Citizenship for documents to live legally.
“People should be careful… If something sounds too good to be true then it is too good to be true. Ask your accountants,” one of the persons familiar with situation urged.
The ponzi fraud scheme is simple. The person would take money from a second person and use to give it back to the first. The scheme would mushroom out with the next “investor” paying the returns for the previous one.
GSC reportedly now investigating the matter does not want the situation to escalate further and hence took the decision to publish the notice.
GSC has warned in the past that only licensed institutions can issue and deal with loans.

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