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About $3 million of the invested $3.6 million were lost, with most of that money coming from the retirement savings of elderly investors.
Melvin Leonard Wimmer, Jr., 53, was sentenced to 75 months in prison and 5 years of supervised release for securities fraud. He was also ordered to pay $3,056,000 in restitution.
In 2007, Wimmer started the investment firm Cornerstone Capital in Greenwood, where about 25 people invested $3.6 million from 2010-17.”