Larry Werbel (CRD#: 828351) was formerly registered as a FINRA broker and a registered investment advisor (RIA). In 2015 and 2016, Mr. Werbel was associated with Concorde Investment Services at a branch office in Chagrin Falls, Ohio. This financial advisor was also recently employed at Summit Brokerage Services and LPL Financial.
On June 8th, 2018, Larry Werbel was barred by the Securities and Exchange Commission (SEC). This action was taken after Mr. Werbel pleaded guilty to conspiracy to commit securities fraud. Here, we review the charges against former Summit Brokerage Services financial representative Larry Werbel.
Barred Broker: Larry Werbel
According to the June 8th order from the Securities and Exchange Commission, former FINRA broker Larry Werbel pleaded guilty to one count of conspiracy to commit securities fraud in the United States District Court for the Southern District of New York.
In connection with the plea agreement, Mr. Werbel admitted that he recommended to clients to make investments in a company called VGTel, Inc. However, Mr. Werbel knowingly failed to inform his customers that he was being directly compensated for each investment he solicited. Indeed, the SEC alleges that Larry Werbel had an explicit compensation agreement with the owner and operator of VGTel. In addition, Mr. Werbel knew the man who owned this company was a convicted felon. This information was not disclosed to individual investors.
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