Edward Durante of VGTel Inc. Charged with Defrauding Investors

The Securities and Exchange Commission (SEC) charged a securities fraudster with conducting a new scheme after being released from prison. Edward Durante allegedly used fake names to solicit investors while hiding from his criminal past. Durante served a 10-year prison term following his conviction and arrest in 2001. He recently used the names Ted Wise, Efran Eisenberg and Anthony Walsh. Durante lured investors by selling shares of a shell company he secretly controlled and told them stock sale proceeds would be used to fund the company’s operations when they were actually tapped for other purposed including Durante’s personal use. The US Attorney’s Office for the Southern District of New York announced recent criminal charges against Durante.

Allegedly, while still in prison, Durante used the name Anthony Walsh to negotiate the acquisition of the shell company VGTel Inc. From 2012 until 2014, Durante defrauded at least 50 inexperienced and unsophisticated investors and sold at least $11 million shares in VGTel Inc. stock. Durante also engaged in matched trading of the stock with another stockbroker to artificially control the stock’s market price. If you invested money with Edward Durante, please call our securities law firm in Chicago to speak to one of our attorneys about your options of recoving your money in the arbitration process.

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