Larry Steven Werbel Pleads Guilty to Securities Fraud and Investment Advisor Fraud | Goodman & Nekvasil P.A, May Recover Your Investment Losses
Larry Werbel was licensed with Concorde Investment Services, LLC from April 2015 to January 2016. Larry Werbel was previously licensed with Summit Brokerage Services, Inc.
The Financial Industry Regulatory Authority (FINRA) reports that in January 2017, Larry Werbel pled guilty to investment advisor fraud and conspiracy to commit securities fraud. In 2015 the Securities and Exchange Commission (SEC) filed an enforcement action alleging that Larry Werbel was bribed by a recidivist securities law violator to sell securities of VGTel, Inc., a shell company controlled by this recidivist securities law violator. Larry Werbel was reportedly paid $200,000. The SEC alleged that Larry Werbel aided and abetted violations of Section 17(a) of the Securities Act and Sections 206(1) and 206(2) of the Advisers Act. The SEC also alleged that Larry Werbel violated Section 10(b) of the Exchange Act and Rule 10b-5 and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. In 2016, FINRA barred Larry Werbel from the securities and investment banking industry.
FINRA also reports that six arbitration claims involving Larry Werbel’s conduct were settled, including settlements of $202,125 and $185,138.61. Several of these arbitration claims involved VGTel, Inc.
If you lost any money on investments with Larry Werbel, including investments in VGTel, Inc., you may be able to recover your losses from Summit Brokerage Services, Inc. and/or Concorde Investment Services, LLC. This is because Summit Brokerage Services, Inc. and/or Concorde Investment Services, LLC had a duty to supervise Larry Werbel .
If you lost money on investments with Larry Werbel, including investments in VGTel, Inc., we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Summit Brokerage Services, Inc. and/or Concorde Investment Services, LLC concerning Larry Werbel ’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $170 million on behalf of victimized investors. If you lost money on investments with Larry Werbel and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.