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More delays as thousands of alleged ponzi scheme victims await repayments
Alleged Ponzi scheme operators: Yuri Garcia-Dominguez and his wife, Ateeka Ishmael.
Kaieteur News – As the holiday season approaches, persons who invested with the alleged Ponzi scheme operators are concerned whether they will ever be repaid in time for the Christmas holidays.
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 17,000 Guyanese of billions of dollars – over $4B (US$20M).
According to persons familiar with the situation, even as word surfaces that the repayment process had resumed and that more than100 persons were repaid; thousands were waiting impatiently.
Kaieteur News understands that the company had told investors that persons who invested their money without interest will be the first to be refunded.
However, that is not happening and investors are concerned about the way in which the process is being dragged on.
The ‘investors’ had included businessmen and church members, with a number of religious leaders accused of recruiting unsuspecting Guyanese.
Last Friday, 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.
Kaieteur News had reported a press release from Accelerated, which the company 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-Dominqaguez 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) and the official 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.
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 also encouraged to enlist additional investors on a 10 percent commission basis.
ACF Inc. is not registered with the Guyana Securities Council to conduct financial business, as either an investment advisor and/or a broker.
The new government, under Irfaan Ali, had launched an investigation after complaints were made by investors of not receiving their money/returns.
The couple was slapped with over 80 charges of fraud with two separate ones under the anti-money laundering regulations.
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