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SEC seeking to put Durante back in prison

2014-04-10 13:10 ET - Street Wire

Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission

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by Mike Caswell

The B.C. Securities Commission is not the only regulator looking to collect unpaid fines from Edward Durante, the New York promoter who spent nearly 10 years in jail for a Vancouver-linked market manipulation scheme. The U.S. Securities and Exchange Commission is also pursuing him, claiming that he now leads a life of luxury and has made little effort to pay $39.8-million in penalties. (All figures are in U.S. dollars.) The SEC is asking that a judge return Mr. Durante to jail until he fully discloses his assets and income.

The SEC's efforts against Mr. Durante stem from the 2000 manipulation of Wamex Holdings Inc., an OTC Bulletin Board listing that went to $19.50 from $1.375. The SEC said he arranged massive promotional campaigns for the stock, including Internet, radio and television advertising. He also heavily traded the stock using offshore companies, with the White Rock branch of former Vancouver brokerage Union Securities Ltd. handling some of his orders, the SEC claimed.

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The B.C. Securities Commission did nothing. At least, the SEC put some of these small crooks in the crowbar hotel. They should have pursued the big crooks responsible for the 2008/2009 market mayhem, but they didn't. Fast Eddy probably saved and invested his cigarette money while he was locked up, and that is why he is so flush with cash.

Posted by Just Me at 2014-04-10 15:38

SEC, the same guys who wined and dined bernie madoff. that explains their expertise. how many in vancouver wining and dining the bcsc, or playing hockey with em?

Posted by 2000-2009 at 2014-04-10 17:12


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