Edward Durante and VGTel— Financial Fraud
Edward Durante, Working Behind Bars, Allegedly Orchestrated a $14 Million Investment Fraud
Edward Durante, while operating from prison, managed to allegedly operate a $14 million investment fraud which took money from at least 100 investors, according to an SEC Complaint currently under review by attorneys Joe Peiffer and Jason Kane.
Edward Durante, 63, of New York City, allegedly siphoned more than $9 million of the $14 million from investors to himself, his family and co-conspirators as he purportedly lied about how their money would be used, the Complaint further alleges.
Durante also allegedly recruited investors nationwide, including from California, the Midwest, New York and Boston, the SEC reports. The Peiffer Wolf Carr & Kane securities lawyers are currently investigating Edward Durante, and investors are encouraged to contact the firm.
Following a Prison Release, Durante Moved to NYC, used Aliases Such as Ted Wise and Efran Eisenberg, Hawking Shares of VGTel to Unsuspecting Investors, Including a New England Man Who Bought $1.2 Million of the Worthless Stock
Edward Durante moved to New York City in 2009 following his prison release and got straight to work, using aliases such as Ted Wise and Efran Eisenberg in order to hawk shares to unsuspecting investors, including a man in the New England area who bought $1.2 million of worthless VGTel stock and then encouraged at least 30 friends and family members to invest as well, according to an SEC Complaint currently under review by attorneys Joe Peiffer and Jason Kane.
Edward Durante, while in prison, allegedly used yet another fictitious name, Anthony Walsh, to haggle for the acquisition of VGTel as a shell company before assigning the company’s certificates to several entities he controlled in order to mask that he controlled most of the company’s stock, the SEC reports.
Finally, Durante allegedly defrauded investors by selling approximately six million shares of VGTel stock to investors, and also bribed investment advisers, who advised their clients to purchase VGTel stock without disclosing to their clients that they had been bribed, the SEC notes. Also, Durante also allegedly engaged in matched trading of VGTel stock with a stockbroker to artificially control the stock’s market price, the SEC further alleges.
Securities Lawyers Investigating
The Peiffer Wolf Carr & Kane securities lawyers often represent investors who lose money as a result of alleged investment schemes and are currently investigating Edward Durante’s latest alleged case of financial fraud. The Peiffer Wolf Carr & Kane securities lawyers are aware of at least two investment professionals who recruited investors to invest in VGTel and are investigating the case. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of Edward Durante’s latest alleged case of financial fraud are encouraged to contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free no-obligation evaluation of their recovery options, at (585) 310-5140.