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Thousands still awaiting repayment from Accelerated

Nov 07, 2020 News

Kaieteur News – The repayment process for the persons who invested monies with Accelerated Capital Firm (ACF) Inc. is still stalled.
After weeks of uncertainty, the company yesterday spoke, raising hopes that they will finally be paid.
More than 17,000 citizens invested with investigator stating that in excess of US$20M is involved.
The company is warning its clients to beware of a man pretending to be compliance official, asking clients for copies of their contracts.
Two officials of ACF, Yuri Garcia-Dominguez and his wife, Ateeka Ishmael, are charged for allegedly running a Ponzi scheme in which billions of dollars were swindled out of the pockets of hundreds of Guyanese.
In a statement yesterday, ACF stated that: “It has been brought to the attention of [ACF] that an individual by the name of Rex with contact number +592 619 4545 has been contacting clients and other individuals purporting to be compliance (sic) and requesting copies of contracts and other documentation.”
The company noted that: “Rex” is in no way associated with them and all clients that are contacted by the individual should make urgent contact with the company.
Meanwhile, the repayment process is still stalled resulting in only 27 out of the 17,000 investors being repaid.
The couple has also been slapped with two charges under the Anti-Money Laundering and Countering the Financing of Terrorism Act, last month.
That was the first time the Special Organized Crime Unit (SOCU), an arm of the Guyana Police Force, has instituted charges under the AML/CFT Act. 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.
They were 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.
The couple denied the charges and were both released on $25,000, each on each charge; the matter was adjourned to November 2, 2020.
Attorney-at-law Dexter Todd, is representing the duo who are also currently before three different courts facing 80-plus fraud charges which allege that they obtain 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 hundreds of Guyanese claiming that by investing with their company, they would get at least 40% return on investment.
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.
In October, Garcia-Dominguez announced at a press conference that all 17,000, persons who invested with the company will be repaid from October 12.
The company had also planned on ceasing all operations in Guyana until a licence is granted for them to operate.
However, it was later revealed by Todd at a press briefing that ranks from SOCU, went to his clients home with a warrant to search and seize monies, electronics, and financial documents that would help with their money-laundering investigations.
The seizure of the electronics, Todd claimed, has put a halt to the repayment process, resulting in only 27 out of the 17,000 investors being repaid.

 

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