By Clestine Juan
ACCELERATED Capital Firm Inc (ACFI) Financial Adviser, Yuri Garcia Dominguez and Director, Ateeka Ishmael, were, on Monday taken before the court to answer 10 fraud-related charges

Dominguez and Ishmael of Track ‘A’ Coldingen, East Coast Demerara, appeared before Magistrate Leron Daly at the Georgetown Magistrates’ Court. The couple was charged jointly and pleaded not guilty to the charges.

Particulars of the charges alleged that, between the months of May and July 2020, the couple, with intent to commit a felony, conspired with persons known and unknown to obtain a total sum of over $60M from 10 victims under false pretence.

The Cuban national and his wife were represented by attorneys-at-law Glen Hanoman and Dexter Todd.
Todd, during his application for bail, told the court that the accusations laid against his client are private in nature which calls for proceedings in a civil court and not a criminal court.

He further argued that the State has imposed itself as a third party to a private contract and is forcibly allowing the course of a criminal nature to take shape.

The couple was released on $1M bail each and the case was adjourned until October 5, 2020.
On Thursday, August 27, 2020, the couple first appeared before Magistrate Marissa Mittelholzer, at the Vigilance Magistrate’s Court.
It is alleged that, between May and July 2020, the Cuban national and his wife, with intent to commit fraud, obtained a total sum of $24.7M from 13 persons by false pretence.

The couple, was not required to plead to the charges and each was granted $3.9 million bail. The case was adjourned until September 18, 2020.
The couple also made a virtual appearance before Magistrate Alisha George at the Sparendaam Magistrate’s Court.
A total of six similar charges were read against the duo which alleged that they obtained an excess of $1M unlawfully,
For those charges the couple was remanded to prison until September 21, 2020.

However, the couple’s attorney is expected to file an application at the High Court on Tuesday, September 1, 2020, for bail on these six charges.
Thus far a total of 57 persons have made reports at the Criminal Investigations Department (CID), with claims amounting to over $31.5 million in investments in the company.

The duo was first held by police one week ago following an investigation into the company allegedly running a “Ponzi Scheme”.
A Ponzi Scheme is a form of fraud in which investors are made to believe in the success of a non-existent enterprise, and encouraged to invest because of the payment of quick returns. However, the first investors are only being paid from money invested by successive investors.
However, the company vehemently denies the allegations and, in statements issued, affirmed that “the funds necessary to refund our clients are ready to be disbursed”.

The police have listed Dominguez, a naturalised Cuban national, and his wife as grave flight risks, given that they have no assets in the country. The pair is said to have been operating their investment company in Guyana for as far back as 2017; however, they have never been licensed to do so by the Guyana Securities Council (GSC) as is required.

According to reports, some 17,000 Guyanese are said to have collectively invested approximately US$20 million in the company. The company came to the limelight earlier this month, when several persons are said to have been making claims of not receiving their monies from the company.
ACFI has been attributing its failure to remit payments to clients as being due to its lack of a bank account, as several local commercial banks have closed accounts for Dominquez and Ishmael and their business over the past few months.