Ponzi scheme operators fined, jailed

…drug bond suspect to face Judge, jury for money laundering

The Special Organised Crime Unit (SOCU) has secured convictions against Yuri Garcia Dominguez and Ateeka Ishmael for operating a Ponzi scheme in Guyana that defrauded hundreds of investors of hundreds of millions of dollars.
The convictions were handed down on Thursday by Magistrate Sunil Scarce at the Vigilance Magistrates’ Courts.

For the offence of operating a Ponzi scheme, Dominguez and Ishmael were each fined $1 million and sentenced to one year of imprisonment.
In relation to a separate charge of carrying on a business without registering with the Guyana Securities Council, contrary to Section 47(10) of the Securities Industry Act, Cap. 73:04, Dominguez was fined $100,000 and sentenced to 18 months’ imprisonment. Ishmael was fined $100,000, with a default sentence of six months’ imprisonment.
According to SOCU, the offences occurred between May 18 and October 16, 2020, at Coldingen, East Coast Demerara, where the couple operated the investment scheme without legal authorisation.
The matter came under investigation after numerous persons reported that they had invested substantial sums of money in the scheme and suffered financial losses. SOCU conducted an extensive investigation over several months before instituting charges against the pair.
Attorney-at-Law Eden Corbin represented the defendants, while SOCU was represented by Prosecutors Attorney-at-Law Darin Chan, Deputy Superintendent Neville Jeffers and Sergeant Aaron Daniels.
In 2025, Dominguez was wanted in connection with 58 new fraud charges, adding to the staggering 150 charges he and his wife Ateeka Ishmael already faced.
SOCU said the convictions are a significant development in the enforcement of Guyana’s financial crime laws, particularly in relation to investment fraud, unregistered financial activity and investor protection.

Money laundering
Meanwhile, SOCU has also secured the committal of Terrence Williams to stand trial in the High Court on a money laundering charge.
Williams was committed to stand trial on Monday by Magistrate Wanda Fortune at the Diamond Magistrates’ Courts following proceedings under the Anti-Money Laundering and Countering the Financing of Terrorism Act.
The charge alleges that Williams, who was employed as a store attendant at the Ministry of Health’s Material Management Unit (MMU) drug bond at Diamond, East Bank Demerara, and others had access to pharmaceutical supplies and testing kits stored at the facility. Investigators allege that between January 2021 and November 2022, quantities of drugs and testing kits were removed from the bond and sold.
The matter was initially reported to the Golden Grove Police Station before being referred to SOCU for further investigation.
During the investigation, Police searched Williams and his vehicle, where they reportedly discovered $4.58 million in Guyana currency, US$5760, a .380 pistol, and ammunition. The items were seized as investigations continued. Williams was subsequently charged and convicted in relation to possession of the firearm and ammunition.
A special audit conducted by the Audit Office of Guyana found that drugs and testing kits valued at approximately $343.8 million were missing from the MMU bond during the period under review.
SOCU subsequently charged Williams with money laundering, alleging that he acquired, possessed or controlled approximately $7.49 million in cash and foreign currency while knowing, or having reasonable grounds to believe, that the funds represented proceeds of crime.
Following his committal, Williams was granted $500,000 bail and ordered to report to SOCU once per month pending the hearing and determination of the matter before the High Court.
Williams was represented by Attorney-at-Law Eden Corbin, while SOCU was represented by Prosecutors Attorneys-at-Law Darin Chan, David Braithwaite and deputy superintendent Neville Jeffers.