A court in Guyana has sentenced Yuri Garcia Dominguez and his wife, Ateeka Ishmael, for operating an illegal Ponzi scheme.

Magistrate Sunil Scarce handed down the ruling at the Vigilance Magistrates’ Court. Both defendants received a one-year prison sentence. The court also fined each of them one million Guyana dollars for operating the scheme.

Dominguez received an additional fine of GUY$100,000. He was also sentenced to 18 months in prison for running a business without registering with the Guyana Securities Council. Ishmael received the same fine and a default sentence of six months for the offence.

The charges were linked to activities that took place between May 18 and October 16, 2020. Authorities said the couple operated the scheme from Coldingen on the East Coast of Demerara.

Investigators said the scheme attracted investments from members of the public. Many people later reported losing large amounts of money. Authorities believe the operation defrauded investors of hundreds of millions of Guyana dollars.

The Special Organised Crime Unit (SOCU) began investigating after receiving complaints from hundreds of citizens. Many said they had invested significant sums and could not recover their money.

SOCU said the convictions mark an important step in enforcing Guyana’s financial crime laws. The agency said the case highlights the risks of unregistered investment schemes. It also stressed the need to protect citizens from illegal financial operations.

Deputy Commissioner Fazil Karimbaksh said SOCU remains focused on tackling financial crimes. These include securities offences, suspected money laundering, and cases involving criminal proceeds.

He said the agency will continue bringing such matters before the courts. He added that the work supports Guyana’s efforts to strengthen its anti-money laundering and counter-terrorism financing framework.