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MAN PROMISES RICHES; INVESTORS LOSE MILLIONS
[3 STARS/FINAL Edition]
Hartford Courant - Hartford, Conn.
Author: Mahony, Edmund H||||||Courant Staff Writer
Date: Jul 3, 2005
Start Page: A.1
Section: MAIN (A)
Abstract (Document Summary)

It's way too low, complain the people who, embittered and embarrassed, have come to acknowledge themselves as Graybill victims. There are as many as 1,000 of them -- a cleaning lady, a dentist, a nurse, a widow. They stretch from Connecticut to California and back to Florida and calculate that Graybill may have gotten more than $40 million from them.

"We have three goals in these kinds of cases," said Assistant U.S. Attorney Michael S. McGarry, a specialist in criminal frauds who is prosecuting both Graybill and Graybill's wife, [Shirley Graybill], in a related case. "Bring the fraudsters to justice. Try to recover as much money as possible for the victims. And alert the public to these frauds."

People who follow prime-bank frauds say Graybill himself may have become involved years ago as an "investor," one who quickly deduced that, other than the operator, the first one in on a Ponzi scheme gets the most money. Not long after, they suspect, Graybill was participating in other operations and running his own.

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