UPDATE August 2016-Disclosure that another customer dispute has been filed. In July 2016 a customer of LPL Financial alleged damages of $19,995 for unsuitable penny stock trading and failure to disclose high risk strategy.
June 2016-Chagrin Falls, Ohio
According to FINRA records, Larry S. Werbel , a stockbroker who was most recently employed by Concorde Investment Services. He discloses 3 prior final regulatory events, one pending criminal matter, 2 pending customer disputes and 4 terminations from employment in the securities industry.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
As of June 6, 2016, Werbel was suspended from associating with any FINRA member firm in any capacity for failing to respond to a FINRA request for information in connection with an investigation. If Werbel does not respond within 3 months he will be permanently barred.
Werbel was indicted in January 2016 for defrauding investors and charged with securities fraud, conspiracy to commit wire fraud and other charges in the US District Court for the Southern District of New York in Manhattan.
In currently pending FINRA Case 16-1232, a customer while Werbel was employed by LPL Financial alleges damages of $74,518 for losses on unsuitable investments.
In another currently pending matter, a customer while Werbel was employed by LPL Financial and Summit Brokerage Services, alleges damages of $661,800 for negligence and unsuitability in recommendation of penny stocks VGTL and QLTS, between 2010-August 2013.
If you have questions about an account handled by Larry S. Werbel, call for a no charge consultation.
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.
Florida-561 391 1900