… Laws will be tightened to tackle other fraudulent investments, PE
The trading account is currently for Accelerated Capital Firm Inc., the company accused of fleeing millions of Guyanese for millions of dollars in a large Ponzi scheme. This was recently revealed by one of the firm’s representing attorneys, Cuban nationalist Yuri Garcia Dominguez and his wife, Ateeka Ishmael.
At a recent press conference, the solicitor said, “The account has been in deficit, [Garcia-Dominquez] has to bring it to profitability. Only then when it comes to profitability will people be able to get their money in a shorter time because of its [Garcia-Dominguez] the ability to withdraw will be greater and the amount of money to withdraw will be greater. “
Garcia-Dominguez had offered to repay its 17,000 Guyanese investors using cryptocurrency, the most widely used of which are bitcoins. But Attorney General Anil Nandlall has made it clear that this is not a legal tender in Guyana. The lawyer said that given the current state of the trading account, the broker will limit the amount of money his client can withdraw.
The lawyer claimed that if his client tries to close the account and get all the money back, he will face a penalty where he will have to pay about 68.5 per cent of the capital investment. He added that the trading account’s profitability had hit twelve while his clients were jailed after being slapped with over 70 charges for allegedly obtaining money by false pretense.
Together, Garcia-Dominquez and his wife have been released on over $ 30 million bail with instructions to submit their passports and report to Criminal Investigation Department Headquarters, Eve Leary, Georgetown. However, the lawyer said that since Garcia-Dominguez was released on bail “he has been trying to bring the account to profitability.”
The solicitor estimated that there should be a “significant turnaround” with the account in the next four to five weeks. This, he added, will enable the company to close some float trades and withdraw larger amounts to prevent a chaotic situation for repayments. Once this happens, he promised that every investor will get his capital repaid within four to five months.
Asked specifically how many investors have been repaid so far, the solicitor said, “I do not have those statistics at the moment because I have not been monitoring the payments on a daily basis at all. What I can say is that people have been repaid and millions of dollars have been repaid. I do not have the figures at the moment. The rest of the people to be repaid are still very significant … ”