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by Mike Caswell

Edward Durante, the New York man who spent eight years in jail for the Vancouver-linked manipulation of Wamex Holdings Inc., has appealed a court ruling that could send him back to prison. He is seeking to overturn a recent order that found him in contempt of court for making little effort to pay $39.8-million in civil penalties that stem from the Wamex manipulation. (All figures are in U.S. dollars.) A judge made the finding in September after lawyers for the U.S. Securities and Exchange Commission said he was living a life of luxury while not paying his fine.

With the appeal, Mr. Durante looks to have avoided a return to jail, at least for now. The terms of the contempt order gave him until Nov. 9, 2014, to disclose the source of his income and provide details of his assets. If he failed to do so, the judge had threatened to send him to prison for contempt of court.

Mr. Durante has not yet provided his grounds for appealing that order, but he previously opposed it on the basis that he had already given the government all of his assets before he went to jail. As he saw it, there was no need to "hound him in perpetuity for any other monies he may possess." He also questioned the original judgment that the SEC won against him, which was from 2002. He said it ordered him to disgorge money that the government had already seized or amounts that he never had. He said there should be a precise determination of the amount that he earned.

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