Western New York Man Sentenced to 13 Years for Alleged Multimillion Dollar Ponzi Scheme
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."