A Buffalo area man has been sentenced to 13 years in prison for an alleged
Ponzi scheme that cheated approximately 90 investors out of about $6 million. According
to the U.S. Attorney's Office, Guy Gane Jr., operating as president
of Watermark M-One Financial Services, told investors that he was investing
their money in waterfront property. He allegedly promised them a 10% return
on their investment.
However, prosecutors alleged that Mr. Gane never made the promised investments
and instead used money from newer investors to pay off older investors
in a classic Ponzi scheme set up.
Many of Mr. Gane's alleged victims testified at his sentencing hearing.
Mr. Gane reportedly apologized to them. However, the judge was said to
be unmoved and reportedly told Mr. Gane, "Like all Ponzi scheme operators,
you were a wolf in sheep's clothing."