WARNING – INVESTIGATION of losses in VGTel, Inc. with Christopher Cervino of COR Clearing and Primary Capital
Israels & Neuman, PLC has launched an independent investigation into financial advisor Christopher Cervino of Primary Capital and COR Clearing.
The US Attorney has alleged that Christopher Cervino took part in a pump and dump scheme ran by a individual named Edward Durante. It was alleged that from 2009 to 2015, Durante acted in concert Cervino and other advisors to defraud investors through the sale of stock in VGTel, Inc. (VGTL), which was essentially a shell company controlled by Durante. It is further alleged that he misrepresented the risks of VGTel, and that he failed to inform investors that Mr. Durante was previously convicted of securities fraud in 2001.
Christopher Cervino was arrested in Franklin Lakes, New Jersey, and he faces counts of securities fraud, wire fraud, and money laundering. He worked for Primary Capital from October 2014 to January 2016; with COR Clearing from August 2013 to October 2014; with Wilson-Davis & Co. from July 2012 to August 2013; with Delaney Equity Group from September 2011 to December 2011; and with GFI Securities from September 2010 to September 2010. He worked at branch offices in New York City.
Cervino’s employment with COR was terminated following allegations that he was taking part in unauthorized trading with respect to his customer’s accounts.
Brokerage firms like COR Clearing and Primary Capital have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and Seattle, but represent investors in FINRA arbitration proceedings in all 50 states. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James, ProEquities, Securities America, National Securities Corp., and many others.
Click to view: Cervino BrokerCheck 1.14.16
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