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SEC target Durante gets 45 days to avoid jail

2014-09-29 12:52 ET - Street Wire

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

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by Mike Caswell

A New York judge has given Edward Durante 45 days to account for his income and assets or go back to jail. Mr. Durante, who served nearly 10 years for a Vancouver-linked manipulation scheme, risks returning to prison because he has made little effort to fully pay $39.8-million in civil sanctions that arose from the scheme. (All figures are in U.S. dollars.) According to the U.S. Securities and Exchange Commission, he is now living a life of luxury and has not properly accounted for the source of his money.

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

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