The SEC charged known securities fraudster, Edward Durante, with defrauding investors by selling shares of a shell company he secretly controlled and falsely telling them stock sale proceeds would be used to fund the company’s operations when they were actually tapped for other purposes including Durante’s personal use. Durante served a 10-year prison term following a previous securities fraud conviction in 2001. An SEC investigation revealed that he has again been soliciting investors under aliases and between 2012 and 2014 defrauded at least 50 relatively inexperienced investors through at least $11 million in sales of stock in his shell company VGTel. SEC
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