Ponzi scheme couple to repay investors from Oct 12
…will be refunding only capital, not profit
Cuban National Yuri Garcia-Dominguez and his Guyanese wife, Ateeka Ishmael who are accused of running a Ponzi scheme are expected to repay about 17,000 persons over $200 million beginning October 12.
Attorney Dexter Todd (right) and Yuri Garcia-Dominguez, who is accused of operating a Ponzi scheme
On Saturday, attorney for the couple who was released on over $30 million bail, Dexter Todd said that the couple is working to have all funds refunded.
Meanwhile, Dominguez, who was present at the press conference hosted by Todd, said the payments will be done following strict COVID-19 guidelines given the large number of persons that will have to be repaid. He acknowledged that a bank account was also set up at Demerara Bank through the Government to facilitate payments.
Meanwhile, Todd said that those persons who invested in the company will only be refunded the invested capital and not the profit.
“The only thing that will facilitated is the returns of capital investments … the payouts are not a pay out of the capital investment plus the profit… what is going [to] start on the 12th of October, is the facilitating of the returns of the invested capital of persons,” Todd said.
When asked about the total amount of investments, Dominguez said he was unable to provide such information. However, he said that the estimated time to complete the refund of monies would be within three months.
In admitting that he indeed does not have a license to operate here, Dominguez stated that the company will cease all operations in Guyana, and will be cancelling all contracts with investors until it can acquire a license to operate in Guyana.
Dominguez and his wife are facing over 80 charges for obtaining money by false pretence as part of the Ponzi scheme.
Just weeks ago, the Guyana Police Force (GPF) confirmed that a bank account was opened at the Demerara Bank for the Cuban national and his Guyanese wife to commence refunding Guyanese. But according to Attorney General and Legal Affairs Minister Anil Nandlall, no money was deposited into the account.
