Ian Campbell Gent, Watermark Ponzi Scheme, New York 2011

Buffalo, NY – In a shocking turn of events, 73-year-old Ian Campbell Gent of Amherst, NY, has been sentenced to six years in prison for his involvement in the Watermark Ponzi scheme. The scheme, which began in early 2006, duped 94 victims out of over $6,000,000.

According to the evidence presented in court, Gent was hired by Guy Gane, a convicted felon who was sentenced to 13 years in jail in 2011, to work at Watermark M-One Financial Services. The company, which was shut down in May 2008 by the United States Postal Inspection Service and the Securities and Exchange Commission, was found to be selling ‘debentures’ to trusting clients, claiming to be using the money to invest in waterfront real estate.

Gent, along with co-defendant James Lagona, was found guilty following a jury trial of participating in the scheme. Lagona was sentenced to nine years in prison. Gent’s appeal of his original conviction and sentence was upheld, but a question was raised about his sentencing.

During the resentencing hearing, Gent requested a ‘time served’ sentence, but Chief U.S. District Judge William M. Skretny rejected the request and imposed a 72-month sentence.

The sentencing marks the culmination of an investigation by Special Agents of the United States Postal Inspection Service and the Internal Revenue Service, Criminal Investigation Division.

Assistant U.S. Attorney Gretchen L. Wylegala, who handled the case, stated that Gent’s role in the scheme was to assist Gane, who promised a 10% return after a year to his investors. However, no investments were made, and Gane used new investor funds to pay off the earlier investors.

Gent’s sentence brings an end to a case that has been ongoing for several years. The Watermark Ponzi scheme is a stark reminder of the dangers of investing in unregulated schemes and the importance of doing thorough research before handing over hard-earned cash.

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