WIVB-TV News4 Buffalo, NY |Federal agents raid financial firm i...

Full story: WIVB Buffalo 916
The company's under investigation for ripping off the elderly. Federal authorities raided this Sweet Home Road investment business Thursday after a three-year-long investigation. Full Story
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Mike Grzeskowiak

Ontario, NY

#4 May 15, 2008
Stranger wrote:
who rips off the elderly? These people are criminals, capital Gane? More like capital ripoff!!
Maybe the people posting negative comments here should be man enough to post their real names. Again, false accusations against honest people.
Jason from Williamsville

Buffalo, NY

#5 May 16, 2008
What a shock that he's a Hillary supporter.
Sad

AOL

#6 May 16, 2008
they don't just do random raids. They looked into this for 3 years before this move. Maybe that family had some not so honest secrets that you did not know about Mike. If they are innocent the truth will set them free.
no surprise

Rochester, NY

#7 May 16, 2008
This is right in keeping w/ the Gane legacy.
Many businesses in the area are owed money by Guy.
I've always wondered how he could manage other people's money when his personal finances were always such a mess. Now we all know ....
he couldn't.
Lawman

Buffalo, NY

#8 May 16, 2008
Mike Grzeskowiak wrote:
You all do not know The Gane Family like I do. I have been a close family friend for a long time, and they are honest, hardworking people. This is an obvious attempt to slander their business. I can't believe that the news would publish this rubbish without any further investigation.
Mike, wake up and smell the coffee! A 3 year investigation followed by a raid, this is more than just a witch hunt Mike. After all my years in Law Enforcement I would never make a blanket statement about someones character, because the truth is, you just don't know!
da man

Buffalo, NY

#9 May 16, 2008
Mike Grzeskowiak wrote:
You all do not know The Gane Family like I do. I have been a close family friend for a long time, and they are honest, hardworking people. This is an obvious attempt to slander their business. I can't believe that the news would publish this rubbish without any further investigation.
Are you on the payroll too?
Oliver

Buffalo, NY

#10 May 16, 2008
I am scared! I have all of my retirement assets with Watermark M-One! What happens now?
Guy Gane III

Williamson, NY

#11 May 16, 2008
This "investigation" will prove that what the news has reported is false. I would never attempt to defraud anyone. Those who know me, know this.
what a joke

Buffalo, NY

#13 May 16, 2008
I wouldn't hold your breath there Jr... you probably have no clue as to what your father has really been doing. I mean, it's not like you actually WORKed for the wages that he paid you; daddy just threw the money at you (spoiled brat) Maybe you should read that little 17 page report from the SEC, and find out the facts before you say something- Anyways, the smart thing to do in this type of situation is keep your mouth SHUT!
smart girl

Buffalo, NY

#14 May 16, 2008
The old Ponzi scheme..those who manufacture it, never believe it is illegal or criminal..thus Gane and his family friend's dismissal of it! Watch for the plea in a few months..they eventually get it when their lawyer tells them..it is a crime and you knew it,so fess up before a jury convicts you and big jail time for stealing from the elderly! Remember, you never ever know anyone..really..ask the ex-Mrs. Sanchez!
Dottie

Westfield, NY

#16 May 16, 2008
Wow, you people are brutal! None of you know the facts and you’re already judge and jury. Not only are you judging the situation without having all the information, you’re also condemning the Gane family. Let the people involved in this case do their job; the officials will do the work they need to do and you really need to give the Gane family a chance to answer the charges. You don’t know the “truth” so unless you’re personally involved in this case and/or until the investigation is complete, your opinions, snide remarks and “judgments” are nothing but “empty, hot air”.
NY taxpayer

Pleasant Hill, MO

#17 May 16, 2008
Mike Grzeskowiak wrote:
You all do not know The Gane Family like I do. I have been a close family friend for a long time, and they are honest, hardworking people. This is an obvious attempt to slander their business. I can't believe that the news would publish this rubbish without any further investigation.
Honest people?? Obviously the FBI didn't see it that way.
NY taxpayer

Pleasant Hill, MO

#18 May 16, 2008
Guy Gane III wrote:
This "investigation" will prove that what the news has reported is false. I would never attempt to defraud anyone. Those who know me, know this.
Ahh... Yet another government 'conspiracy'. Isn't that what put the Rigas's behind bars too? Get real, this wasn't a 'we had nothing better to do today' situation, this happened AFTER a 3 year investigation.
County Taxpayer

Holland, NY

#19 May 16, 2008
"SUMMARY
1. This civil enforcement action arises out of an ongoing offering fraud and Ponzi
scheme orchestrated by Gane and his company, M-One. From at least May 2005, Gane and
Altadonna, a registered representative associated until recently with a registered broker-dealer,
and others, raised approximately $5.7 million in fraudulent, unregistered securities transactions.
They generated approximately $5.1 million by selling "convertible debentures" issued by
Watermark Financial and Watermark Holdings (collectively, "Watermark')(or by M-One for the
benefit of Watermark) to approximately 90 unsophisticated investors, a number of whom were
senior citizens or near retirement age. Gane and Altadonna raised an additional $580,000 by
selling promissory notes issued by Watermark Holdings and Watermark Capital that provided for
monthly rates of return from 1% to 3.5%(12% to 42% annually). Neither securities offering was
registered with the Commission.
2. Gane is a principal of each of the issuing entities and was not associated with a
registered broker-dealer when he sold some of the debentures. Gane and Altadonna told
investors that the money they invested would be used to purchase or develop real estate. In
reality, Gane operated a Ponzi scheme by:(a) using new investor funds to pay back earlier
investors; (b) misappropriating the investors' funds by distributing them to hmself, h s family
members, and others; and (c) transferring a substantial portion of investor funds to Denkon, Inc.,
an entity located in Palm Beach Gardens, Florida, for no apparent consideration.
3. Most of the Watermark debentures do not become due until sometime this year.
With respect to those debentures that have matured to date, Gane and Altadonna have repaid the
investors using new investor hnds or induced the investors to reinvest their funds in another
debenture to defer repayment, or have made assurances that payment was forthcoming. In at
least one instance, money raised through the sales of the promissory notes was used to pay back
an investor in the debentures."

From the SEC complaint....seems that there is some evidence of wrongdoing here...
Teri

Covington, GA

#20 May 16, 2008
I am soooo glad that someone out there looks after people and brings this sort of fraud out in the open. I hope they are punished as hard as they can be if it turns out they did do all of these horrible things! Way to go those who worked on this!!!!
rose circle neighbor

Rochester, NY

#21 May 16, 2008
Mike Grzeskowiak wrote:
You all do not know The Gane Family like I do. I have been a close family friend for a long time, and they are honest, hardworking people. This is an obvious attempt to slander their business. I can't believe that the news would publish this rubbish without any further investigation.
Mike,
Are you serious? You cannot truly know Guy & say this. I KNOW him. None of this surprises me.
Outsider Looking In

Allegany, NY

#22 May 16, 2008
I heard Gane speak about the "MINIMUM" guaranteed 10% return with average investor returns often being higher. I heard Gane talk about investing in "start up" businesses and pie in the sky ROI's, and I held back...I have always stood by "If it seems too good to be true, it generally is".
I heard that Gane didn't pay and services were cut off....
The hardest part of the SEC Court filing is his children..a guess would be they innocently worked for their dad, he paid them out of illegal funds. They were put in jeopardy by their father, unknowingly. He has potentially tainted their future for such a small sum of money.
What about the sales force that was selling to the elderly...do they not have any culpablility? Were they earning illegal commissions? It is hard to believe they didn't know something was going on...or because they weren't licensed brokers, they aren't liable?
For the future, if investing, ask to see the licensing, check with the DOS and SEC, ask for credentials and officials ...ask questions before you invest, it will save you from unscrupulous people who's only goal is to separate you from your money!!
knew them

Buffalo, NY

#24 May 16, 2008
In the 70's, this scheme was called the pyramid scheme! It operated off the original investors money and then that investor had to bring in others to benefit. The originators of the scheme would threaten those who belonged or appeared to want to belong (if they did not perform or co-operate)....with house burnings and assaults! The company operated out of the MAIN PLACE MALL.
This scheme has been in Buffalo for years and operating while ripping off unsophisicated hard working people that always had life savings and liquid assests. It's amazing that they still lurk here attacking these sad victims with their brutal masterminds. If the Ganes are guilty..they should join the Rigas... all working off their time in nursing homes worst positions!
Mike Grzeskowiak

Ontario, NY

#26 May 16, 2008
pizza delivery boy wrote:
add me to the list of people cheated out of money
How were you cheated? This would be interesting to hear, as I can only imagine the huge assets a Pizza boy would have.
pizza delivery boy

Rochester, NY

#28 May 16, 2008
Mike Grzeskowiak wrote:
<quoted text>
How were you cheated? This would be interesting to hear, as I can only imagine the huge assets a Pizza boy would have.
Only a pompous jerk (aka friend of Guy Gane) would make such a condescending comment. I delivered the pizza + wings, the Ganes took the food into the house & told me to wait, then told me they didn't have enough money to pay me. Huge house, 4 cars in the driveway, Jenna, Geoff & Guy wearing the latest clothes & Pam w/ a maid .....& they can't pay the lowly pizza boy. But, I still paid my tab when I cashed out that night, you see - my last name is not Gane. My father taught me that the most valuable thing a person will ever have is their reputation.
I still have mine.

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