Yuri claims to have returned money to 85% of investors
Three weeks after a lawyer said only $ 3M was repaid…
Kaieteur News – Alleged Ponzi scheme operator Yuri Garcia-Dominguez, who allegedly billed over 17,000 Guyanese from US $ 20M (over G $ 4B), claimed he had repaid 85% of the investors. He also claimed to have paid over US $ 94M to his clients over his two years of operation in Guyana.
Garcia-Dominguez made these allegations during an interview on social media platform, Big Smith News Watch. He was asked about the number of people left to be repaid. Garcia-Dominguez responded that “according to our last check of the system we have 2,599 people who have not yet been collected.”
It now requires a few more weeks to pay off the remaining investors.
However, on December 18, 2020, during an interview, his attorney-in-law, Dexter Todd, announced that only $ 3M had been paid to investors and that the number of investors to be repaid was in the thousands.
A government official close to the investigation last night insisted that it was very impossible for Garcia-Dominguez to have repaid nearly 15,000 investors within that short period, due to the amount of money involved.
Garcia-Dominguez, along with his wife, Ateeka Ishmael, are the princes of Accelerated Capital Firm Inc. (ACF). Both have been charged with running the Ponzi scheme.
They had allegedly traded in foreign exchange on the international market.
Kaieteur News had reported that the “investors” consisted of businessmen and church members, with a number of religious leaders accused of playing roles in the unconscious recruitment of Guyanese.
The couple were slapped with 80-plus fraud charges and two charges under the Anti-Money Laundering and Counter Terrorism Financing Act (AML / CFT). These latter charges were laid by the police Special Organized Crime Unit.
The couple was released on bail of over $ 30M for all charges.
In September, Garcia-Dominguez had announced it would repay the investors. The repayment process reportedly started October 12, 2020.
In December, the company had offered to repay its investors in digital currencies, known as crypto currency.
Crypto currency is a digital method designed to work as a medium of exchange, where an individual can make transactions online – coins are the most popular crypto currency.
However, Attorney General (AG) Anil Nandlall had told Kaieteur News that the proposed crypto currency repayment method by ACF chiefs is not legal tender in Guyana.
The Bank of Guyana (BOG) had also stated that Guyana does not use crypto currency.
According to police, Garcia-Dominguez and Ishmael are alleged to have attracted thousands of Guyanese claiming that by investing with their company, people would get at least 40 percent back.
The company was not recognized by the securities regulator.
Investors were told that the funds would be invested in foreign currency trading and were also encouraged to enlist additional investors on a 10 percent commission basis.
According to reports, the company had never advertised their business in the mainstream media and the company is not registered with the Guyana Securities Council to conduct financial business, either as an investment adviser and / or broker.
After whites made complaints about not receiving their money / earnings, the new government launched an investigation into the alleged Ponzi scheme.
This eventually led to the arrest of the couple and the collapse of allegations.