Georgetown: Thirty-four-year old Yuri Garcia Dominguez and his 32-year-old wife Ateeka Ishmael who allegedly swindled millions of dollars from Guyanese in an alleged major Ponzi scheme appeared before two Magistrates Thursday slapped with 19 charges of conspiracy to commit a felony.
The two were arrested last weekend after the Attorney General Anil Nandlall announced the launch of a multi-agency investigation into allegations of a Ponzi scheme where several persons were allegedly defrauded of millions of dollars after investing in the company, expecting hefty returns.
A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. The scheme leads victims to believe that profits are coming from product sales or other means, and they remain unaware that other investors are the source of funds.
The couple first appeared at the Sparendaam Magistrates’ Court where they were slapped with six conspiracy charges amounting to just over $1.2 million. Magistrate Alicia George refused to grant them bail on the six charges.
However, at the Vigilance Magistrate’s Court, the Cuban national and his wife were granted $3.9M bail for 13 other charges.
They were represented by attorneys-at-law Glen Hanoman and Dexter Todd.
Attorney Todd, in comments to the media, lamented that the case is a civil matter and not a criminal one.
He explained that his clients were criminally charged in their own personal capacity as directors for the company.
“We have advocated that these matters are private in nature… all the complainants that were made, forms part of a contract…What the State has done is to impose themselves as a third party to a private contract and they are forcibly allowing the course of a criminal nature to take shape which ought not to be,” Attorney Todd said.
The Guyana Securities Council (GSC) had written to President Irfaan Ali, the Vice President Bharrat Jagdeo and the Commissioner of Police, informing them of the operations of this scheme in the country.
Currently, Accelerated Capital Firm Inc. (ACFI) is not licensed by the Guyana Securities Council to solicit investments from the public.
Under the Anti-Money Laundering and Financing of Terrorism Act, it is required for all investors to provide the source of funds and ensure that the financial activities and money laundering risks associated with a customer are properly recorded
Over 100 persons who benefitted from the scheme gathered outside the Vigilance Courthouse Thursday morning in support of the couple, demanded that they be set free.
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