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Man learns sentence for ponzi scheme

Updated: Friday, 28 Dec 2012, 10:54 AM EST
Published : Friday, 28 Dec 2012, 10:54 AM EST

Posted by: Emily Lenihan

AMHERST, N.Y. (WIVB) - A 70-year-old man from Amherst was sentenced to principally an eight-year prison term, after being convicted of mail fraud and conspiracy charges in connection to a $6 million ponzi scheme

The U.S. Attorney’s Office says Campbell Gent was convicted of being involved with the Watermark ponzi scheme, which claimed to use trusting clients’ money to invest in waterfront real estate. No investments were ever made and 94 victims lost more than $6 million.

Gent was working for Guy Gane, who was sentenced to 13-year jail term in 2011. Watermark M-One Financial Services was shut down in May 2008.

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