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Alleged Ponzi schemers halt operations; to start paying investors from October 12th
Kaieteur News – Alleged Ponzi scheme operator, Yuri Garcia-Dominguez, says that all persons who invested with Accelerated Capital Firm Inc. will be repaid from October 12th, 2020.
Operations halted: Yuri Garcia-Dominguez
The company also plan on ceasing all operations in Guyana until a license is granted for them to operate.
This was revealed during a press conference yesterday, when the accused and his attorney, Dexter Todd, gave an update on how the company intends to move forward and to give clarity on the ongoing matter.
Garcia-Dominguez, a Cuban national who was granted citizenship in June, and his wife, Ateeka Ishmael, are accused of running a Ponzi scheme operation, in which billions of dollars were swindled out of the pockets of hundreds of Guyanese.
The couple is currently before three different courts for over 80 fraud charges which alleged that they obtain monies under false pretense.
The duo was recently released on bail after spending over a month in prison on remand.
During the press briefing yesterday, which was held at Sharon’s Building, Georgetown, Garcia-Dominguez stated that: “Accelerated Capital Firm is ready to resume payments after 36 days halt based on a situation everybody knows about… on the 12th of this month we will resume the first 100 people to be paid.”
Todd added that on October 12th, 2020, ACF will be facilitating the returns of the invested capital of persons.
“Because of the volume of persons the company has made a decision to take the first 100 persons and seven days after that they will take the next 100 persons…until the entire amount have received their invested capital.”
When asked if the 70-plus complainants will be given priority in repayment, Todd stated that he wish the arrangement of payment will be mentioned to the court in order to avoid an allegation of tampering with the witnesses.
“We will have to give respect to the court in the sense that we will have to allow the court to have an appreciation of what is being done…Usually how it’s done in court is that the complainant comes to court and is asked by a magistrate [do you wish to proceed with this matter or do you wish to collect your monies] and if the complainant states that all they want is their money, we are free to settle with that person unhindered,” Todd explained.
He added, that will be the approach as it relates to the complainants.
However, if the complainants are repaid, the decision of whether or not the charges will continue against the accused is left to be made by the Director of Public Prosecution, Shalimar Ali-Hack, S.C.
The company has to repay over 17,000, persons who invested in the company, and due to the number of persons and the pandemic, all payments will be done following strict COVID-19 guidelines.
The Government had set up a bank account at Demerara Bank to facilitate payments.
Meanwhile, Todd said that the company will be ceasing all operations and cancelling all contracts with investors until it can acquire a license to operate in Guyana.
“This here is a company, the company is legitimately registered, the company has contracts with investors and the investors give their monies so that their monies can be traded internationally.”
Todd noted that the license that was required under the laws of Guyana was not acquired and is for that reason the company must cease operations.
“It would be the most reasonable and prudent thing to do to exit those contracts and that is what the legal team has been putting together.”
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