Ponzi Scheme: Magistrate whose spouse invested heard matter
Yuri Garcia Dominguez and wife Ateeka Ishmael heading to court last week
The names of individuals and companies who have invested with Accelerated Capital Firm Inc. (ACF) are said to be many, including several who have influential powers in some sections of society.
So far, the issue of the alleged Ponzi scheme has been called before three Magistrates. Bail was refused in the matter when it was called before one of those magistrates, while the other two granted bail.
BIG Smith News Watch has been able to confirm that the spouse of one of the magistrates is listed as an investor with the firm, and by virtue of that fact, questions are now being asked about the suitability of that magistrate to preside over a matter in which a close relative – a spouse in this case – is so closely associated.
Today, Yuri Garcia Dominguez and his wife Ateeka Ishmael of East Coast Demerara are both expected to make another court appearance, as more charges have been laid against them in connection with the activities of the investment firm, in which persons are unable to recoup their investments at this time, and which has now been regarded as a Ponzi scheme.
Last week in an online interview with this publication, Dexter Todd, attorney for the accused, dispelled claims that the operations of his clients are those of a Ponzi scheme, and maintained that his clients are willing to reach out to investors, but given the circumstances, (being on remand and in prison) makes it difficult for communication between them and the clients.
Todd was also adamant that the agreement between the ACF and it’s clients were private ones and does beg the question of why criminal charges have been levelled against Yuri Garcia Dominguez and his wife Ateeka.
Last week, a Magistrate Marissa Mittelholzer at the Vigilance Magistrate’s Court granted bail on nineteen charges of obtaining money by false pretence. Thirteen of the charges were called in that court, which saw the two accused being placed on just under four million dollars bail. They were remanded to prison when the matter was called at the Sparendaam Magistrates Court before Magistrate Alicia George. Yesterday Monday, the matter was again called with new charges this time in Georgetown before magistrate Leron Daly were bail was granted in the sum of one million dollars each.
While some Guyanese who invested with ACF have been making claims about being unable to receive their investments, others have been calling for the principles of the company to be released, given that they were able to receive monies invested.
In fact, a number of persons protested the Vigilance Magistrate’s Court last week, calling for the release of Dominguez when he appeared in that court to answer the charges laid against him by the police, which stemmed from statements persons would have submitted.
