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by Mike Caswell

A New York jury has convicted two individuals on criminal fraud charges over their role in an $11-million manipulation run by Vancouver-linked fraudster Ed Durante. (All figures are in U.S. dollars.) The verdict was handed down on Tuesday, March 28, after a 14-day trial. The trial did not include Mr. Durante, who previously pleaded guilty.

Those convicted were Abida Khan, 50, who operated an investment advisory service from California. Also convicted was Christopher Cervino, 44, a broker living in New Jersey (who was also known as "Smitty"). The government claimed that the pair helped Mr. Durante as he defrauded investors in a pink sheets shell called VGTel Inc. Ms. Khan accepted undisclosed kickbacks while Mr. Cervino carried out matched trades as the stock went to a $1.90 high. (It was last at 0.04 cent.)

The case featured six defendants, but by the time of trial only Ms. Khan and Mr. Cervino had not entered guilty pleas. The jury convicted them on charges of securities fraud, conspiracy to commit securities fraud, wire fraud and conspiracy to commit wire fraud. The maximum sentence is 20 years.

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