SEC Wins Suit Over $6M Watermark Ponzi Scheme

Law360, New York (February 14, 2012, 5:03 PM EST) -- A New York federal judge on Friday ruled for the U.S. Securities and Exchange Commission in its lawsuit against the architects of a $6 million Ponzi scheme that bilked investors in waterfront real estate properties and spurred a grand jury indictment.

U.S. District Judge William M. Skretny granted the SEC’s motion for summary judgment in its case against Watermark Financial Services Group Inc. and several individuals associated with the Amherst, N.Y.-based company. The defendants include Watermark owner Guy W. Gane Jr., who was sentenced in September...
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Case Information

Case Title

Securities and Exchange Commission v. Watermark Financial Services Group, Inc. et al


Case Number

1:08-cv-00361

Court

New York Western

Nature of Suit

Securities/Commodities

Judge

William M. Skretny

Date Filed

May 15, 2008

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