Husband and wife jailed for operating Ponzi scheme in Guyana

A Cuban national, Yuri Garcia Dominguez, and his Guyanese wife, Ateeka Ishmael, have been found guilty of operating an illegal Ponzi scheme in Guyana. Magistrate Sunil Scarce handed down sentences at the Vigilance Magistrates’ Court, imposing fines of one million Guyana dollars and a one-year jail term on each defendant for operating the Ponzi scheme.

Dominguez received an additional fine of GUY$100,000 and an 18-month prison sentence for conducting business without registering with the Guyana Securities Council. His wife received a similar fine of GUY$100,000, with a default sentence of six months.

The charges stemmed from allegations that between May 18 and October 16, 2020, the couple operated the Ponzi scheme from Coldingen, East Coast Demerara, defrauding hundreds of millions of dollars from Guyanese citizens. The Special Organised Crime Unit (SOCU) launched an investigation after numerous investors reported being defrauded after investing large sums.

SOCU stated that these convictions represent a significant advancement in enforcing Guyana's financial crime legislation, particularly concerning investment schemes, unregistered financial activities, and the protection of citizens. Deputy Commissioner Fazil Karimbaksh reiterated SOCU's commitment to investigating and prosecuting financial crimes, securities offenses, suspected money laundering, and proceeds of crime.

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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.