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Ga. man, 2 Va. residents sentenced for $1.4M scam

Monday - 3/26/2012, 1:25pm  ET

ABINGDON, Va. - A Georgia man and two Virginia residents are heading to prison for their roles in a scam that bilked investors out of more than $1.4 million.

A federal judge in Abingdon sentenced 39-year-old Terrance Keith Cunningham of Alpharetta., Ga., and 35-year-old Angela Allison Duty Smith and 36-year-old Ronald Wade Smith Jr., both of Davenport, on Friday.

All three were convicted on 210 counts of wire fraud and other charges last year.

Ronald Smith was sentenced to 11 years and three months in prison. Cunningham received a seven-year sentence and Angela Smith was given a three-month sentence.

U.S. Attorney Timothy J. Heaphy says the three lured people into an investment club that promised quick, hefty returns on investments in foreign currency exchange markets. The Smiths used the money for personal expenses.

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