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Broker Christopher Cervino Charged with Fraud

Christopher Cervino

According to the United States Department of Justice, former New York-based Primary Capital broker Christopher Cervino has been arrested and indicted on charges of securities fraud. The securities and investment fraud law firm Fitapelli Kurta is investigating allegations of misconduct against Mr. Cervino (CRD# 2778817).

Christopher Cervino has spent eighteen years in the securities industry and was most recently registered with Primary Capital in New York, New York (2014-2016). Previous registrations include COR Clearing in Edison, New Jersey (2013-2014); Wilson-Davis & Company in Salt Lake City, Utah (2012-2013); Delaney Equity Group in Palm Beach Gardens, Florida (2011); GFI Securities in New York, New York (2010-2011); Lighthouse Financial Group in New York, New York (2008-2010); RBC Professional Trader Group in New York, New York (2008); RBC Capital Markets in New York, New York (2007-2008); Carlin Equities in New York, New York (2002-2007); Ladenburg Thalmann & Company in New York, New York (2000-2002); Sharpe Capital in New York, New York (1998-2000); and HJ Meyers & Company in Rochester, New York (1996-1998). Two of his former employers, Sharpe Capital and HJ Meyers & Company, have since been expelled by the Financial Industry Regulatory Authority (FINRA). He is a registered broker and investment adviser in seven US states: California, Colorado, Delaware, Florida, Nevada, New Jersey, and New York.

According to the Department of Justice, Christopher Cervino has been charged with conspiracy, securities fraud, wire fraud, and perjury. FBI Assistant Director Diego Rodriguez said of the charges, “Over six years, Cervino [and his co-defendants] allegedly conspired with recidivist securities fraud defendant Edward Durante to defraud more than 100 investors out of millions in a scheme of misleading representations and stock manipulation.”

Christopher Cervino and his co-defendants allegedly “perpetrated a multi-pronged scheme to defraud more than 100 investors of at least $15 million by soliciting funds in public and private shares of various securities, including VGTL, through false and misleading representations and omissions and by failing to invest investors’ funds as promised.  The Defendants further manipulated the public Over-The-Counter market of VGTL stock by controlling a majority of the public shares, inducing investors to buy stock based on false representations and omissions, and engaging in trades in which the Defendants controlled both the accounts that purchased the stock and the accounts that sold the stock in order to artificially inflate the stock price and trading volume.” The charges remain pending.

According to his BrokerCheck report, Christopher Cervino is the subject of one pending customer complaint and was discharged from his position at COR Clearing.

In September 2015 a customer alleged Christopher Cervino, while employed at COR Clearing, failed to adhere to opening and failed to supervise accounts in connection to the promotion of VGTEL stock. The customer is seeking $495,000 in damages in the pending complaint.

In 2014 Christopher Cervino was terminated from COR Clearing following allegations he executed unauthorized transactions in a customer’s account.

If you or someone you know has lost money investing with Christopher Cervino, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. We accept all cases on contingency: Fitapelli Kurta only gets paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.