This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.
Here is a sample of this item:
by Mike Caswell
New York prosecutors have asked the judge to imprison Christopher Cervino, charged alongside Vancouver-linked fraudster Ed Durante, for nine to 11 years. They say that Mr. Cervino, 44, used his substantial knowledge of the securities industry to inflict $3.5-million in losses on investors. (All figures are in U.S. dollars.) Many of those investors were retirees or widows who ended up holding shares in a risky and ultimately worthless penny stock, the government says.
The request for jail time comes about eight months after a New York jury convicted Mr. Cervino for the manipulation of a pink sheets company called VGTel Inc. He and Mr. Durante carried out several matched trades as the stock went to a $1.90 high in 2013. (It was last at 0.3 cent.) In all the scheme defrauded investors of $15-million, according to prosecutors.
(For Mr. Durante, the VGTel fraud was not his first. He was previously convicted for a prior manipulation that traces to Vancouver, that of Wamex Holdings Inc. In that scheme, Mr. Durante boosted the stock to $19.50 from $1.375 through massive promotional campaigns and heavy trading through offshore entities. Former Vancouver brokerage Union Securities Ltd. figured into the scheme, with its White Rock branch handling some of Mr. Durante's orders. Mr. Durante served 10 years in jail on the Wamex charges.)
The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS
© 2018 Canjex Publishing Ltd. All rights reserved.
Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted.Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.