The Special Organised Crime Unit (SOCU) has secured convictions against Yuri Garcia Dominguez and Ateeka Ishmael, who were found guilty of operating an illegal Ponzi scheme in Guyana. The scheme reportedly defrauded numerous individuals of hundreds of millions of dollars.
On June 11, 2026, Magistrate Sunil Scarce, presiding at the Vigilance Magistrates’ Court, sentenced both defendants for their involvement in the fraudulent activities. For the offence of operating a Ponzi scheme, Yuri Garcia Dominguez received a fine of GYD $1,000,000 and a one-year prison sentence. His wife, Ateeka Ishmael, was similarly fined GYD $1,000,000 and sentenced to one year in prison.
In addition, for the offence of conducting business without registration with the Guyana Securities Council, as stipulated in section 47(10) of the Securities Industry Act, Dominguez was fined GYD $100,000 and sentenced to 18 months imprisonment. Ishmael was also fined GYD $100,000, with a default sentence of six months imprisonment.
The charges stemmed from allegations that between May 18, 2020, and October 16, 2020, the defendants operated the Ponzi scheme in Coldingen, East Coast Demerara, defrauding many Guyanese citizens. SOCU initiated an investigation after numerous reports from citizens who claimed they had invested significant amounts of money in the scheme.
The investigation, which was complex and took several months, led to the defendants being charged and subsequently convicted. The defendants were represented by Attorney-at-Law Eden Corbin, while SOCU was represented by Prosecutors Attorney-at-Law Darin Chan, DSP Neville Jeffers, and Sergeant Aaron Daniels.
SOCU views these convictions as a significant advancement in enforcing Guyana’s financial crime laws, particularly regarding investment schemes and unregistered financial activities. Deputy Commissioner Fazil Karimbaksh, head of SOCU, emphasized the Unit’s commitment to investigating and prosecuting financial crimes, including securities-related offences and money laundering, as part of Guyana’s broader framework against financial crime.
Source: snn.gy
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