1/8/2016- Cleveland, Ohio
Larry Werbel, 67, of Evolution Partners Wealth Management in Chagrin Falls was indicted on charges that he participated in a scheme which defrauded about 100 investors out of over $15 million, according to an indictment filed in US District Court for the Southern District of New York. United States of America v. Edward Durante, et al.
Also named in the indictment were Edward Durante (also known as Ted Wise, Efran Eisenberg, Yulia Svitchkara, Anthony Walsh and Ed Simmons) Christopher Cervino (also known as Smitty ) and Sheik F. Khan (also known as Abida Khan).
US Prosecutors allege that of the more than $15 million invested, over $9 million went into the pockets of the fraudsters who recruited investors to purchase shares in a shell company call VgTel Inc., with the promise of high dividends.
According to FINRA records, Werbel was previously registered with the following broker dealers:
- Concorde Investment Services 5/2015-1/2016
- Summit Brokerage Services 6/2014- 11/2014 and 3/2011-4/2014
- LPL Financial 2/2009-2/2011
If you suffered damages in an account handled by Larry Werbel, contact us to find out how you may be entitled to recover damages from Werbel’s former employer.
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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