Around 27 of 17,000 clients yesterday received their invested capital from the Accelerated Capital Firm Inc (ACFI), as the company which has been at the centre of what is being described as a huge Ponzi scheme yesterday began the repayment process, as promised.
Lawyer for the company’s principals Ateeka Ishmael and Yuri Garcia Dominguez, Dexter Todd last evening told Stabroek News that the process commenced around 1pm and saw about 27 persons receiving their invested capital as of yesterday afternoon.
Todd explained that hours were spent yesterday morning sorting out the list of clients and their contact information in order to facilitate the process. He said a database is currently functioning and will be used as the repayment continues.
“What they were doing is trying to work together the list this morning (yesterday). They spent a lot of time trying to get the list and the contact information of every person. So they now have the database up and running. So they started effective today (yesterday),” Todd said.
He further stated that the repayment will continue today and will proceed as per the plan until all 17,000 clients received their invested capital.
“They continue tomorrow and the rest of the week and so on. Every day there will be a series of payouts until the full amount has been completed. But they effectively started today as promised,” Todd said.
At a press conference last Saturday, Dominguez announced plans to commence repayment of the invested capital to all of the 17,000 clients from October 12th. He had said this is being done since the firm is not licensed to operate here and has been forced to cease all of its operations.
“Accelerated Capital Firm is ready to resume payments back after 36 days (after a halt) based on a situation everybody knows about…….On the 12th of this month (October) we are going to resume,” Dominguez had said.
This announcement was made more than one week after Dominguez and his wife, Ishmael were released on a total of approximately $30 million bail. They are currently facing close to 80 charges of conspiring with other persons to obtain monies by false pretense.
Todd had explained in light of the large volume of clients, the repayment process will begin with 100 persons receiving their capital investments. He said there will be a seven-day break after repayment is made to the first 100 clients after which they will continue with another 100. This system will be applied until all 17,000 are repaid.
The repayment, Todd had added, will be done in keeping with COVID-19 measures.
It is unclear what system is being used to determine which clients will be reimbursed first and in what order. However, Todd had said the company has set aside a period of three months to complete repayments.
The ACFI has a total of 17,000 clients who altogether invested hundreds of million dollars. Only a small percentage of this amount, 69 to be exact, came forward during the investigation to provide statements resulting in the charges being laid by the police.
Todd had explained to reporters that the arrangement will be laid out to the court. “…The court has a comfort level in relation to how the complainants will be repaid because the principals of the company do not want to bring on themselves at this stage, an allegation of tampering with the witnesses… So, we will have to give respect to the court, in the sense that we will have to allow the court to have an appreciation of what is being done,” he said.
“Usually what is being done in court is that the complainant comes to court, the complainant is asked by a magistrate ‘Do you wish to proceed in what matter or do you wish to collect your money?’ If the complainant stands up in the court and says ‘All I want is my money’, we can settle with that person unhindered,” he added.
This initiative will be adopted as it relates to the repayment of the invested capital to the complainants in the matter, Todd said.
