Ian C. Gent, 73, was sentenced to 6 years in prison for conspiracy in assisting Guy W. Gane and Watermark Financial Services in running a Ponzi scheme. The scheme promised investors 10% returns in real estate investments, but Watermark never actually bought any property. Joseph F. Lagona was also convicted in connection with the scheme and was sentenced to 11 years in prison.
Derek A. Nelson was sentenced to 19 years in prison a day after being convicted of running a $37 million Ponzi scheme through Capital Mountain Holding Corp.
Daniel Rivera and his brother, Matthew Rivera, were charged by the SEC with running Ponzi scheme through a real estate venture called Robbins Lane. The Robbins Lane website recommended that investors sell their retirement assets to invest in the venture as the opportunity would give “the senior investor a guaranteed monthly income.” The scheme involved $2.7 million and targeted unsophisticated elderly investors.