After months of delay, persons who invested with an alleged Ponzi scheme, Accelerated Capital Firm Inc (ACFI), have begun to receive their monies, Attorney Dexter Todd yesterday said.
Contacted for an update, Todd, who is representing principals of the firm Yuri Garcia-Dominguez and Ateeka Ishmael told Stabroek News that he spoke to his clients during last week who informed him that the repayment process commenced late last month.
However, he could not provide details on how many persons have been repaid, the amount reimbursed thus far or what system is being used.
Todd related that the regulatory authorities wrote to Dominguez requesting that he not make any other public statement on the matter.
He said Dominguez has since agreed to the request. “…As to whether the law provides for them to do that, no it does not,” Todd noted.
At present, Todd explained that the inves-tors’ main focus would naturally be to have their monies returned. “I think the people really want their money, that is the inves-tors…..I think at some point in time, the matter will be put to rest…People just want their money,” he said.
In August, 2020, the police had arrested the couple after launching an investigation into what has been described as a huge Ponzi scheme.
The Guyana Police Force had said that Dominguez, 34, a naturalised Guyanese of Cuban origin, and his wife, Ishmael, 32, both of Track ‘A’, Coldin-gen, East Coast Demerara, were detained as part of an ongoing investigation of alleged fraud.
At a press conference held in early October, 2020, Dominguez had announced plans to recommence repayment of invested capital to 17,000 clients from October 12th, 2020 since the firm is not licensed to operate here and has been forced to cease all of its operations.
The repayment did commence as promised with some 27 persons receiving their invested capital. However, two days after the repayment started, officials from the Special Organised Crime Unit (SOCU) raided the couple’s property at Coldin-gen, ECD and seized equipment containing records of their clients. This resulted in a halt of the repayment.
In November, 2020, Todd had told this newspaper that persons who invested with ACFI were at risk of losing their money as the companies which piloted the trading of the funds had since terminated their contracts with the firm.
In December, 2020, Todd had said that his clients had embarked on a process of putting their trading account back into profitability and once this was completed repayment would begin.
Very complex
To date, Dominguez and Ishmael, are facing close to 80 charges of conspiring with other persons to obtain monies by false pretence.
They were released on bail totalling approximately $30 million. The charges are still engaging the court.
Subsequent to this, the couple faced two additional charges which were filed by SOCU.
They were charged under the Consumers Affairs Act with operating a pyramid scheme, and under the Securities Act with operating without a licence.
Both Dominguez and Ishmael pleaded not guilty to the joint charges and were released on bail.
Todd related to Stabroek News that he does not envision the trial starting anytime soon. Todd stated that he believes that by the time the trial commences, the investors would have been repaid.
