Accused Ponzi scheme operator to repay investors from Oct. 12; ceases all operations

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Beginning October 12, 17,000 Guyanese who invested millions of dollars with Accelerated Capital Firm Inc will be repaid their capital investment as the company plans to cease all operations in Guyana until it is granted a licence to operate.

Cuban national Yuri Garcia Dominguez, who is accused of operating the major Ponzi scheme told the media at a press briefing on Saturday that he is willing to show and explain how the company operates.

“Accelerated Capital Firm are ready to resume back payments after a 36 days halt…on the 12th of this month we will resume the first 100 people to be paid,” Dominguez said in the presence of the lawyer Dexter Todd during the press conference held at the Sharon’s Building in Georgetown.

The payments will be done in structured manner under strict COVID-19 guidelines given the amount of persons that have to be repaid. Dominguez said a bank account was also set up at Demerara Bank through the Government to facilitate payments.

Dominguez and his Guyanese wife, Ateeka Ishmael are currently before the court for over 80 charges of obtaining monies by false pretense. The couple were finally granted bail and released on September 25 after spending over a month in prison on remand. Dominguez said the complaints brought against him and his wife are not true as he maintained his innocence.

“…because we have shown the Police, we have shown all the entities doing the investigation of the trading industry and prove that the money are being traded in the stock market, they are profitable operations and so on,” Dominguez explained.

The Cuban national said he and his wife were not aware that a license was needed to operate in Guyana since the company already has an international license to trade from the International Monetary Fund (IMF).

“We were misled or misinformed how to do it and we continue doing the operation.”

Dominguez further explained that since March the company began facing a delay in payments to investors due to the collapse of the stock market as a result of COVID-19.

Dominguez sought to explain that the money is withdrawn from a trading account which takes 72 hours, then another 24 hours to exchange from bitcoin to local currency.

“Our actions at the end will explain all this misinformation of Ponzi,” Dominguez said.

Meanwhile, Attorney Todd said the company will be ceasing all operations and cancelling all contracts with investors until it can acquire a license to operate in Guyana.

“This here is a company, the company is legitimately registered; the company has contracts with investors and the investors give their monies so that their monies can be traded internationally.

“The license that was required under the laws of Guyana was not acquired and for that reason the company must cease operations, it would be the most reasonable and prudent thing to do to exit those contracts and that is what the legal team have been putting together,” Todd said.

1 Comment
  1. Matthew says

    Bwahahahaha……not going to happen folks……some might get their money back but the majority won’t. At some point budday will vanish.

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