Yuri Garcia Dominguez and his wife, Ateeka Ishmael, have been fined and sentenced to imprisonment after being convicted of operating a Ponzi scheme in Guyana that defrauded hundreds of unsuspecting investors of hundreds of millions of dollars.
On Thursday, Magistrate Sunil Scarce, sitting at the Vigilance Magistrates’ Court, sentenced both defendants for offences related to the operation of the scheme.
For the offence of operating a Ponzi scheme, Dominguez and Ishmael were each fined $1,000,000 and sentenced to one year’s imprisonment.
Additionally, for carrying on a business without registering with the Guyana Securities Council, contrary to Section 47(10) of the Securities Industry Act, Cap. 73:04, Dominguez was fined $100,000 and sentenced to 18 months’ imprisonment. Ishmael was fined $100,000, with a default sentence of six months’ imprisonment.
The charges stemmed from allegations that, between May 18, 2020 and October 16, 2020, at Coldingen, East Coast Demerara, the defendants illegally operated a Ponzi scheme for several months, defrauding Guyanese investors of hundreds of millions of dollars.
The Special Organised Crime Unit (SOCU) launched an investigation after receiving reports from hundreds of citizens who claimed they had invested substantial sums of money in the scheme and were subsequently defrauded.
Following a complex investigation that spanned several months, SOCU laid charges against the defendants, which have resulted in convictions.
The defendants were represented by Attorney-at-Law Eden Corbin. SOCU was represented by prosecutors Attorney-at-Law Darin Chan, DSP Neville Jeffers and Sergeant Aaron Daniels.
SOCU described the convictions as an important step in enforcing Guyana’s financial crime laws, particularly in matters involving investment schemes, unregistered financial activity and the protection of citizens from unlawful financial operations.
