Core Viewpoint - The financial sector is facing a significant crisis as multiple gold investment firms, particularly Yongkun Group, have collapsed, leading to substantial financial losses for investors, some of whom have lost millions [1][20][30] Group 1: Company Overview - Yongkun Group operated a complex gold investment scheme that misled investors into believing they were purchasing gold with guaranteed returns, which turned out to be a Ponzi scheme [3][11] - The company promised annual returns as high as 9%, significantly above the bank deposit rate of 3.45%, which attracted many investors [5][6] - The investment model involved both online and offline channels, where customers signed contracts for gold storage and repurchase, creating a facade of security [8][9] Group 2: Investment Scheme Details - The contracts included clauses that promised to refund the original price if gold prices fell, which was a key selling point for attracting investors [6][11] - The scheme relied on continuous influx of new investors to sustain operations, ultimately leading to financial collapse when new investments dried up [11][24] - Prior to the collapse, the company was still actively promoting investment opportunities and running promotional campaigns, indicating a desperate attempt to gather more funds [15][16] Group 3: Investor Impact - Many investors, including families, invested significant amounts, with some losing over 12 million yuan, leading to extreme emotional distress and even suicidal thoughts among victims [22][30] - The network of victims expanded widely, with over 60% of investors being referred by friends, showcasing the extensive reach of the company's marketing tactics [24][26] - The collapse has left a large number of investors in financial ruin, with reports of individuals losing their life savings and facing severe financial consequences [20][22] Group 4: Management and Legal Issues - The company's founder, Wang Guohai, has been described as a key figure behind the scheme, with a history of operating multiple companies, many of which have been dissolved [26][28] - Following the collapse, it was revealed that the promised gold reserves, valued at 4.1 billion yuan, were nonexistent, leading to legal investigations [28][30] - The authorities have initiated investigations, but recovery of lost funds for investors remains uncertain, highlighting the risks associated with high-return investment schemes [30]