Guyana: SOCU Secures Convictions In Multi-Million Dollar Ponzi Scheme

The Special Organised Crime Unit (SOCU) has secured major criminal convictions against Yuri Garcia Dominguez and his wife, Ateeka Ishmael, following a six-year investigation into one of the largest investment fraud schemes in Guyana’s history. Magistrate Sunil Scarce found the couple guilty of operating an unregulated financial network that defrauded thousands of citizens of hundreds of millions of dollars.

The operation, known as Accelerated Capital Firm Inc. (ACFI), attracted over 17,000 local investors by promising high returns through a fabricated foreign-exchange investment program. The scheme collapsed, leaving many investors with frozen capital and the majority unable to recover their investments.

As a result of the convictions, both Garcia and Ishmael were sentenced to one year in prison and fined $1 million each for operating an unlicensed financial institution. Additionally, Garcia received an 18-month prison sentence and a $100,000 fine for conducting financial business without registration with the Guyana Securities Council (GSC), violating the Securities Industry Act. Ishmael was also fined $100,000, with a six-month imprisonment default sentence if she fails to pay.

Evidence presented by SOCU prosecutors indicated that the couple attempted to register their operation with the GSC in late 2020 amid regulatory scrutiny but abandoned the process after being unable to provide necessary documentation, including audited financial records and details of funding sources.

Following the ruling, SOCU described the investigation as a complex financial crime operation and emphasized that the convictions serve as a warning to financial predators, marking a significant step in protecting citizens from unregulated financial schemes.

Source: hgptv.com

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