Ex-Watermark Affiliate Pleads Guilty In $6M Ponzi

Law360, New York (April 19, 2010, 4:23 PM EDT) -- An upstate New York man has pled guilty to securities fraud for his role in a nearly $6 million Ponzi scheme at Watermark Financial Services Group Inc. and agreed to help the government as it continues its probe.

Lorenzo Altadonna, 35, of North Tonawanda, entered the plea Friday in the U.S. District Court for the Western District of New York, admitting he solicited funds from investors even after realizing he was contributing to a Ponzi scheme.

Altadonna worked as a registered representative at M-One Financial Services,...
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