On January 18, 2018, U.S. District Judge Andrew L. Carter sentenced Christopher Cervino to one year and one day in prison and Sheik F. Khan to 53 months in prison.  Following a three-week trial, Cervino and Khan were convicted of participating in a securities fraud scheme led by Edward Durante, who pled guilty in August 2016.  Cervino and Khan, along with Durante and other co-conspirators, artificially inflated the market for stock in a publicly traded company called VGTel, Inc., of which Durante (through various entities) was the majority shareholder.  Cervino, a broker, and Khan, an investment adviser, received cash payments and large commissions from Durante for their roles in the scheme, while their clients lost their entire investments.  In addition to their prison terms, Cervino and Khan were each sentenced to three years of supervised release and were ordered to forfeit $35,000 and $290,787, respectively.  U.S. v. Durante et al., 1:15-CR-00171 (S.D.N.Y.)

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