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,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.