Franklin Lakes Man Charged In $15M Stock Fraud Scheme

A Franklin Lakes stockbroker has been charged for his alleged involvement in a $15-million stock fraud scheme.

Christopher Cervino, 43, was arrested Wednesday and charged with securities fraud. He is accused of accepting $35,000 from Edward Durante, the scheme’s alleged ringleader to trade stock at inflated prices, according to Preet Bharara, U.S. attorney for the Southern District of New York. Durante and a network of associates manipulated the stock price, defrauding at least 100 investors of more than $15 million, Bharara said.

Prosecutors said Durante artificially inflated the price of VGTel stock by buying and selling shares under different accounts.

Cervino was charged with securities fraud, wire fraud, perjury, and conspiracy, the report said. The charges carry a maximum prison sentence of 20 years and a $5 million fine.

Cervino and Durante were two of four people accused in the scheme this week.