January 18, 2016 Comments (0) Blog, Securities Fraud

Arrests Made in $15M Fraud Scheme

(Last Updated On: January 18, 2016)

The White Law Group continues to investigate potential claims on behalf of investors duped by Edward Durante and his associates.

According to Cleveland.com, on Dec. 18th, Durante was arrested in Germany an extradited to the U.S. Durante is accused of orchestrating a scheme that netted $15 million, $9 million of which prosecutors say went to those involved in the scheme.

Between 2009 and 2015, shortly after his release form prison for a securities fraud conviction in 2001, Durante allegedly orchestrated a stock manipulation scheme involving shares of VgTel. Durante used several aliases to conceal his history from investors and allegedly paid financial professionals for their assistance.

According to the Securities and Exchange Commission, stockbroker Christopher Cervino is accused of helping Durant through matched trading to manipulate market price of VGTel stock. In addition, brokers Abida Khan and Larry Werbel are accused of accepting payments to recruited clients to purchase VGTel stock.

Cleveland. com reports Larry Werbel, who headed Evolution Partners Wealth Management, was arrested by FBI agents at his home on January 6th.

According to reports, Two other men involved in the scheme, Walter Reissman and Kenneth Wise, have plead guilty to charges and are said to be cooperating with officials.

If you suffered losses investing VGTel and would like to discuss your litigation options, please call The White Law Group at (312)238-9650 for a free consultation.

The White Law Group is a national securities arbitration, securities fraud, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida. The firm represents investors throughout the country in FINRA arbitration claims against their brokerage firm.

For more information on The White Law Group, visit www.whitesecuritieslaw.com.