“Ponzi scheme” couple charged for operating pyramid selling scheme
Thirty-four-year-old Yuri Garcia-Dominguez and his Guyanese wife, 32-year-old Ateeka Ishmael, both of Lot 242 Track A Coldingen, East Coast Demerara (ECD), were on Friday slapped with money laundering charges.
Yuri Garcia-Dominguez and his wife Ateeka Ishmael
The couple is said to be the principals of Accelerated Capital Firm Inc (ACFI), a company under investigation for allegedly operating a Ponzi scheme.
The duo appeared before Magistrate Fabayo Azore at the Vigilance Magistrate’s Court and denied the charges when it was read to them.
They were charged with the offences of operating a pyramid selling 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.
Attorney Dexter Todd appeared on behalf of the defendants.
The prosecution is contending that Accelerated Capital Firm Inc was not registered with the Guyana Securities Council to conduct financial business nor as an investment adviser and/or a broker.
The prosecutor, Corporal Goodridge, explained that the Anti-Money Laundering and Countering the Financing of Terrorism Act Cap 10:11 prohibits businesses from operating as financial institutions without the necessary registration for regulation and supervision by the regulatory authorities – FIU and Guyana Securities Council.
After listening to the prosecutor’s submission, Magistrate Azore granted the duo $25,000 bail each. The matter was adjourned to November 2 for statements.
Already, the couple is facing over 70-plus charges for obtaining monies under false pretence.
On Thursday, Police raided the couple’s home and a number of equipment and documents were seized.
The couple had assured that they would repay the over 17,000 persons who had given them money to invest. However, as of October 13, 2020, with only 27 persons were refunded.
Todd has filed judicial review proceedings in the High Court, asking that all charges and investigations against them be discontinued immediately.
The case comes up for a case management conference on Wednesday, November 4, 2020, before acting Chief Justice Roxane George. In the meantime, the couple has been released on over $30 million bail with instructions to lodge their passports and report to the Criminal Investigation Department (CID) Headquarters.
