February 24, 2016- Cleveland, Ohio
A Financial Industry Regulatory Authority (FINRA) arbitration panel ordered former Summit Brokerage Services stockbroker Larry Werbel , who operated Evolution Partners Wealth Management of Chagrin Falls, to pay two former customers $100,000 plus costs. FINRA Case # 14-2891.
The customers had filed their original action alleging Werbel bought and sold penny stock shares of VGTel, Inc. (VGTL) and engaged in self dealing and unauthorized trading with the assistance of broker affiliate Cor Clearing. The customers alleged that Werbel’s trading was unsuitable and that Summit Brokerage, his employer had knowledge that Werbel had been fired from his former employer, , for securities law violations and failed to adopt a program of heightened supervision to monitor Werbel’s activities.
According to the arbitration award, in January 2016 Werbel and his co defendants ,Summit Brokerage Services and Cor Clearing, entered into a settlement agreement with the customers, however, shortly after the settlement was reached, Werbel announced that he would not be satisfying his obligations under the settlement agreement resulting in the filing of a Motion to Enforce Settlement against Werbel.
Werbel Indicted for $15 Million VGTL Securities Fraud
The Same Week
Werbel’s decision to back out of the settlement may well be related to the fact that he was indicted that same week in a scheme to defraud 100 people or more out of $15 million. Here is a copy of the indictment.
Werbel’s recent employment history:
- 4/2015-1/2016 Concorde Investment Services
- 3/2011-11/2014 Summit Brokerage
- 2/2009-2/2011 LPL FInancial
If you have losses in an account handled by Larry Werbel or if you lost money trading VGTL, call to discuss your legal options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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