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$21 Million Ponzi Scheme Ends

RICHMOND, VA. (CN) - A West Virginia man took $21 million in a Ponzi scheme through his business, Golden Summit Group, persuading retirees to liquidate their savings and spend home equity loans by offering up to 60 percent annual returns at no risk, the SEC says. Ralph Gregory Gibbs, 56, of New Haven, W.Va., who has pleaded guilty to criminal charges, swiped $2.9 million outright and lost $6.3 million in his allegedly profitable foreign exchange deals.

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