NY Jury Convicts 2 In $6M Watermark Fraud Case

Law360, New York (February 24, 2011, 3:25 PM EST) -- A federal jury Thursday convicted the two remaining defendants in an alleged $6 million Ponzi scheme carried out by Watermark Financial Services Group Inc. and M-One Financial Services LLC.

Ian Campbell Gent, 58, and James Lagona, 50, were convicted of conspiracy and mail fraud after a trial in the U.S. District Court for the Western District of New York.

Each charge carries a maximum penalty of 20 years in prison, and fines of between $250,000 and $5 million, according to U.S. Attorney William J. Hochul....
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