Stoltmann Law Offices continues to investigate VGTel Inc. VGTel collapsed in early 2014 and many investors lost most of their money. The government charged four people, including their investment advisor, with fraud in an indictment released on January 6th. The stock scam took more than 100 investors, according to the U.S. Attorney in Manhattan. An arbitration hearing for 20 of the victims is set for September 20th. They are claiming that two financial firms that cleared the trades, Wilson-Davis & Co. of Salt Lake City and COR Clearing LLC of Omaha, ignored red flags that something was amiss. COR settled a complaint with two Ohio investors who sought $1.5 million in compensatory damages for their VGTel losses from a group that included COR, Cleveland broker Larry S. Werbel and his former employer, Summit Brokerage Services Inc. Werbel was indicted and arrested. Another former advisor, Sheik F. Khan, was also named in the indictment. Edward Durante and Christopher Cervino were all charged in the January indictment. The government claims that Durane put together a team including Khan, Werbel, Cervino and others to assist him in a scheme to jack up the price of VGTel and bail out his positions after purchases by investors. Many investors placed all of their money in the trades marked “unsolicited.” Please call today if you have been a victim in VGTel Inc. stock. We may be able to help you recover your investment losses.
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