SEC Charges Prior Fraudster

Posted on October 5th, 2016 at 9:38 AM
SEC Charges Prior Fraudster

From the Desk of Jim Eccleston at Eccleston Law LLC:

The SEC has charged Edward Durante with conducting a scheme to solicit investors while hiding his criminal past.

Durante had served a 10-year prison term following a separate securities fraud conviction in 2001.  The SEC alleges he used fake names to defraud investors. Durante allegedly sold shares of a shell company he secretly controlled and falsely told them that the stock sale proceeds would be used to fund the company’s operations. However, in reality the stock sale proceeds were used for other purposes including Durante’s personal use.

       According to the SEC, Durante perpetrated the stock fraud while he was still in prison by using the name Anthony Walsh to negotiate his acquisition of the shell company VGTel Inc.

       Durante engaged in insider trading of the VGTel stock and bribed other investment advisers to steer clients toward VGTel stock purchases.

The SEC's complaint charges Durante with violating Section 17(a) of the Securities Act of 1933 and Sections 9(a)(1) and 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5.  

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, James Eccleston, Eccleston Law LLC, scheme, solicit investors, Edward Durante, SEC, VGTel Inc,

Return to Archive



Hiring Eccleston Law has been one of the best career decisions I have made and this "investment" to maintain my sterling regulatory record has been returned many times over.  If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. They are the best.

Thomas C.


August 12, 2022
SEC Charges J.P. Morgan, UBS, and TradeStation for Deficiencies Pertaining to the Prevention of Customer Identify Theft

The Securities and Exchange Commission (SEC) has charged J.P. Morgan Securities, UBS Financial Services, and TradeStation Securities over deficiencies in their programs designed to prevent client identify theft, which violates the SEC’s Identity Theft Red Flags Rule, or Regulation S-ID.

August 11, 2022
FINRA Suspends Former Schwab Advisor for Failing to Disclose Felony Charges

The Financial Industry Regulatory Authority (FINRA) has suspended a former Charles Schwab advisor who allegedly failed to disclose multiple felony charges.

August 10, 2022
UBS Wealth Group’s Legal Costs Skyrocket in Q2

UBS Wealth’s litigation expenses have substantially spiked in the second quarter as the firm has faced a host of investor complaints and regulatory probes into UBS’ volatile Yield Enhancement Strategy (YES).