Ponzi scheme repayment

Jan 12, 2021 Editorial

Kaieteur News – The toll is for US$20M (over G$4B) and involves over 17,000 Guyanese investors. The latest coming out from the alleged Ponzi mastermind is that 85 percent of the bilked investors had their monies returned to them. This is not what his own attorney, Mr. Dexter Todd, said on December 18, a mere three weeks ago, when he noted that a paltry G$3M was paid out and that the number of investors to be repaid remains in the thousands (KN January 8). Something is not adding up here, or there is a communication problem, or somebody is not good at counting. Whatever it is, these crossed wires and mixed messages lead to one place: are the cheated Guyanese investors going to get their money back? In view of these recent developments, what is the likelihood that they will get back something, if anything at all, from the funds so naively invested?
It would appear that attorney Todd has a problem on his hands. That is, a client who cannot help himself, who fancies himself an impeccable oracle who must be listened to, and who just cannot keep his mouth shut. As any decent attorney knows, a talkative client is his own worst enemy, since nobody knows what will be said next. However, aside from that, where is this matter heading? Specifically, there is this seesaw as to how many are actually repaid and these latest outlandish claims about some 85 percent of the tricked investors being made whole.
This is more than the troublesome matter (between the two of them, which is their business) of the relationship and responsibilities for communication between attorney and client. It is about whether there is any really serious and genuine intention on the part of alleged Ponzi schemers to do the right thing by waiting Guyanese investors and moving on to whatever lies ahead for them. For what we, at this paper can detect, is some verbal sleight of hand from the schemer, over who was paid and when, and all that jazz that nobody has much patience left for anymore.
A tremendous wrong was done, which has cost thousands of Guyanese many anxieties and embarrassments. The people out of pocket want to be repaid, so that they can put this sordid episode in their lives behind them and get on with the business of breathing a little easier and living a bit wiser. It is not helpful in the least, when the alleged schemer takes to the airwaves either to advocate or proselytize about how well he has done on behalf of those that were shortchanged. What is helpful, what means something in all of its hard significance and value is cold cash and nothing else.
The alleged Ponzi schemer has to stop trying to score points or engage in defensive strategies that fool no one. There is only one thing that matters and nothing else: the people have to be repaid, all of them and time is running out on him. In fact, if he continues at this rate, whatever goodwill there was that was remaining would be exhausted and he would be the worst for it. Guyanese authorities, all the way up to the Hon. Attorney General, are looking on and listening closely at every development in this affair. The Ponzi schemer is not doing himself any favours, when he goes off on these tangents with these tall tales about 85 percent of the people being repaid. That one came out of nowhere and was all the more surprising, since it clashed severely with what his legal representative had been saying repeatedly, which was that the investors would be repaid and that there is good faith behind that assertion.
So, to turn up out of nowhere and say now that most of them had been repaid comes across as more than self-serving. It comes across as deceptive and damning. We caution: it is better to cease and desist from playing these silly games, for they are counter-productive and can prove to be more costly in the long run. It is more prudent to sit down and work quietly with the named attorney and solidify whatever it is that is in mind. Doing otherwise will backfire.

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Ponzi scheme repayment

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Ponzi scheme repayment

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