Ponzi Scheme Uncovered in Dominica: Millions Lost
A massive Ponzi scheme led by Canadian Charles Paul Vincent Debono has been dismantled in the Dominican Republic, leaving a trail of financial devastation. The scheme, which involved thousands of people, has caused significant financial harm to many individuals.
The Scheme
Debono’s fraudulent operation worked by raising funds for the purchase of furniture and real estate or accumulating money, while paying initial investors high interest rates to attract new capital. This scheme was able to move over RD $86 million in just under three years.
- Investments: The money was laundered through investments in hotels and fast food centers, as well as luxury vehicles and real estate.
- Payouts: Initial investors were paid high interest rates to attract new capital, while the scheme continued to operate behind a façade of legitimacy.
Raids and Seizures
A series of raids carried out in Barahona, Boca Chica, and the National District led to the seizure of:
- Over RD $1.6 million
- US $31,420
- 5 euros
- Four high-end vehicles
- Three pistols (two of which are illegal under Dominican law)
- One shotgun
Additionally, electronic devices, money counting machines, and property titles were seized during the raids.
Properties and Vehicles
Authorities have identified over 10 properties and dozens of vehicles purchased by Debono and placed in the names of figureheads who are part of the network. These properties and vehicles were acquired with funds obtained from illicit activities.
- Real Estate: The authorities will continue to investigate and prosecute those involved in this massive Ponzi scheme, which has caused significant financial harm to many people.
- Vehicles: Four high-end vehicles were seized during the raids, along with several other vehicles purchased by Debono and his associates.
Arrests
Debono’s wife, Sol Esperanza Acosta González, was arrested for her participation in the money laundering operation. Acosta owns real estate and personal property acquired after 2017, when she married Debono and began building and inaugurating hotels in Barahona and Boca Chica.
Investigation and Prosecution
The Public Ministry is seeking to confiscate properties registered in the names of companies and individuals linked to the network, which were acquired with funds obtained from illicit activities. The authorities will continue to investigate and prosecute those involved in this massive Ponzi scheme, which has caused significant financial harm to many people.
Conclusion
The dismantling of Debono’s Ponzi scheme is a major victory for law enforcement agencies in the Dominican Republic. However, it highlights the need for continued vigilance and education about these types of schemes, which can have devastating consequences for individuals and communities.