20:37:23 EDT Thu 28 Mar 2024
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SEC defendant Durante looks for a light jail term

2017-06-30 10:51 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-VGTL) VGTel Inc

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by Mike Caswell

Vancouver-linked fraudster Ed Durante has asked a New York judge to impose a sentence no longer than 11-1/2 years on him for an $11-million pink sheets manipulation. (All figures are in U.S. dollars.) He says that at his age, 64, anything longer would amount to spending the rest of his life in prison. He also cites his co-operation with prosecutors.

Mr. Durante is awaiting sentencing for a scheme in which he and others manipulated a pink sheets listing called VGTel Inc. He told investors that the stock could go to $50. Then, with the help of others, he convinced a group of mostly unsophisticated investors to buy millions of dollars worth of shares. Mr. Durante pleaded guilty to charges that included conspiracy, securities fraud and money laundering on Aug. 23, 2016, and is in jail while he awaits sentencing.

One of the factors at sentencing will be Mr. Durante's prior criminal record, which traces back to Vancouver. He previously served 10 years in jail for the manipulation of another company, Wamex Holdings Inc. In that scheme, he 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.

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