The Special Organised Crime Unit (SOCU) has announced that it has secured convictions against Yuri Garcia Dominguez and Ateeka Ishmael, who were each found guilty for operating a Ponzi Scheme illegally in Guyana which fleeced unsuspecting Guyanese hundreds of millions of dollars.

Garcia and Ishamel ran one of the most sophisticated ponzi schemes that this country has witnessed, scamming more than 17,000 Guyanese.

An investigation took place following a number of complaints in relation to the operation of the unlicensed financial outfit that was based on the East Coast of Demerara.

Garcia and Ishmael were encouraging persons to invest their money as part of a foreign exchange initiative and be promised large sums in return. Many invested hundreds of thousands of dollars but never received their returns.  

On Thursday, Magistrate Sunil Scarce found the two persons guilty and sentenced both of them to one year in jail.  They were also fined $1 million.

For the offence of Carrying on a Business without Registering with the Guyana Securities Council, contrary to section 47(10) of the Securities Industry Act, Cap. 73:04, Garcia was fined $100,000 and sentenced to 18 months imprisonment while Ishmael was fined $100,000, with a default sentence of six months imprisonment.

Garcia and Ishmael had attempted to register the platform with the Securities Council in late 2020 . However, when they were told of the various requirements they will have to meet including details of their funds and provision of financial records, the company never continued the process.

SOCU described the investigation as complicated but welcomed the convictions.

“SOCU views these convictions as an important step in the enforcement of Guyana’s financial crime laws, particularly in matters involving investment schemes, unregistered financial activity, and the protection of Guyanese citizens from unlawful financial operations,” SOCU noted.

The agency said it remains committed to investigating and prosecuting financial crimes, securities-related offences, suspected money laundering, and proceeds of criminal offences.

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