A STRONG warning has been issued to the public against engaging with suspected fraudster, Yuri Garcia Dominguez, who has been allegedly targetting vulnerable individuals through a large-scale pyramid scheme.

People’s Progressive Party (PPP) General Secretary Dr. Bharrat Jagdeo, during a press conference on Thursday at Freedom House, advised citizens to exercise caution, and avoid signing any agreements with Yuri or his associates, emphasising the risks of falling victim to financial deception.

Jagdeo said he received a call last week about Yuri.

A parliamentarian complained to the General Secretary that he’d invested in the scheme last year.

Further, Jagdeo was informed that Yuri was in Unity, Mahaica, trying to get people to invest in his scheme.

“And really, I don’t know why the people of our country believe that you get free money just like this,” Jagdeo posited.

He further said: “The President has given direction that they (the Police) got to look for this guy again. Anybody knows about him or his network… So, he was telling people that when APNU comes back into office, he’s going to get a licence. Well, two things will not happen, APNU will not come back in office, and you will go to jail.”

Jagdeo lamented that the actions are unconscionable, and underscored that businessmen ought not to be falling victim.

“The elderly I’m more concerned with, housewives, elderly people, you know, they get seduced into the scheme…Those are the people I’m worried about now. I don’t know how deep it has gone,” he added.

The Guyana Police Force (GPF), has already issued a bulletin for Yuri in connection with his ongoing trial, and the probe into what has been described as a massive Ponzi scheme.

Yuri and Ateeka Ishmael appeared before the Sparendaam Magistrate’s Court on 38 new charges in 2021.

They were accused of soliciting millions of dollars from hundreds of Guyanese who were enticed by extraordinary returns of approximately 40 per cent. Investors were also encouraged to enlist additional investors on a commission (10 per cent) from the couple’s business, Accelerated Capital Firm Inc.

The firm was not registered with the Guyana Securities Council to conduct financial business either as an investment adviser and/or a broker.

The Anti-Money Laundering and Countering the Financing of Terrorism Act Cap. 10:11 prohibits businesses from operating as financial institutions, without the necessary registration for regulation and supervision by the Regulatory Authorities, FIU and Guyana Securities Council.

Yuri, his wife and their company have been in the limelight since early August 2020, when they were accused of running a Ponzi scheme. It was reported in 2021 that over 17,000 persons allegedly invested more than US$20 million in the company.
The couple was arrested in August 2020, and appeared before various courts on dozens of charges and were released on bail totalling over $30 million.