10.0David P Neuman
(720) 599-3505

WARNING! Impending Investigation: VGTel, Inc. and Larry Werbel


WARNING! Impending Investigation: VGTel, Inc. and Larry Werbel

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WARNING!  Impending Investigation:  VGTel, Inc. and Larry Werbel

WARNING – INVESTIGATION of losses in VGTel, Inc. with Larry Werbel of Summit Brokerage Services, Inc.


Israels & Neuman, PLC has launched an independent investigation into financial advisor Larry Werbel of Summit Brokerage Services, Inc.


The US Attorney has alleged that Larry Werbel took part in a pump and dump scheme ran by an individual named Edward Durante.  It was alleged that from 2009 to 2015, Durante acted in concert Werbel and other advisors to defraud investors through the sale of stock in VGTel, Inc. (VGTL), which was essentially a shell company controlled by Durante. It is further alleged that he misrepresented the risks of VGTel, and that he failed to inform investors that Mr. Durante was previously convicted of securities fraud in 2001.


Larry Werbel faces six charges, including securities fraud, wire fraud, and investment advisory fraud.  He was alleged to have received payoffs and kickbacks from Durante for promoting VGTel.   Larry Werbel was a financial advisor and registered representative of Summit Brokerage Services, Inc. from March 2011 to April 2014 and June 2014 to November 2014.  He worked at a branch office in Chargin Falls, Ohio.  He also was affiliated with Concorde Investment Services from April 2015 to January 2016, and with LPL Financial from February 2009 to February 2011.


Werbel’s employment with Summit Brokerage Services, Inc. was terminated following a customer-initiated lawsuit related to the sale of VGTel, Inc.


Werbel was previously suspended from the securities industry for two months in 2014 and fined $12,500 for soliciting low-priced securities to investors.  Larry Werbel has two customer complaints on his record, alleging misrepresentations related to the sale of VGTel and Q Lotus Holdings, Inc.  Werbel also was affiliated with Evolution Partners Wealth Management.


Brokerage firms like Summit Brokerage Services, Inc. have a responsibility to adequately supervise all representatives who are registered through their firm.  Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies.  When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.


Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and Seattle, but represent investors in FINRA arbitration proceedings in all 50 states.  Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James, ProEquities, Securities America, National Securities Corp., and many others.


Click to view:  Werbel BrokerCheck 1.14.16




                Denver Office: (720) 599-3505

                Seattle Office: (206) 795-5798

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
10.0David P Neuman


DENVER: (720) 599-3505

SEATTLE: (206) 795-5798

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