Chris Cervino was barred by FINRA and the SEC over VGTL transactions
Chris Cervino, a registered representative from Franklin Lakes, New Jersey, formerly with Primary Capital, Cor Clearing and Wilson-Davis Co. was barred from FINRA membership as a result of SEC proceedings into his role in manipulating the market for VGTL. According to the SEC, Cervino committed securities fraud by controlling and manipulating the market for VGTel, inflating the price and volume, and inducing investors to purchase VGTL shares through false and misleading statements. On March 22, 2017 a jury found Cervino guilty of engaging in manipulative and deceptive conduct pertaining to the VGTL transactions. As a result, Cervino was barred from the securities industry.
Chris Cervino’s registration and disciplinary history
In order to lawfully sell investments to the public, one must either be registered or exempt from registration.
Chris Cervino had been registered with:
Primary Capital from October, 2014 to January, 2016
Cor Clearing from August, 2013 to October, 2014
Wilson-Davis Co. from July, 2012 to August, 2013
According to FINRA’s CRD disclosure report, Chris Cervino has been the subject of two customer complaints and two regulatory investigation. He was also discharged from Cor Clearing for alledgedly making unauthorized trades in a customer’s account.
FINRA is the primary regulator for broker dealers and registered representatives in the United States. FINRA’s role is to promulgate standards and practices for the brokerage industry and to ensure compliance with its rules by licensed entities and individuals.
FINRA has two primary means to ensure compliance with the securities laws; by means of an enforcement unit that investigates and disciplines wrongdoing, and through the establishment of an arbitration forum where investors can resolve disputes against broker dealers. FINRA’s arbitration forum, FINRA Dispute Resolution Inc. is the largest arbitration forum in the country for resolving investor disputes, and typically processes over 10,000 filings annually.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 24 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.
If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.