Larry Werbel Criminally Indicted for His Alleged Role in VGTel Scheme, Investigated by Securities Lawyers
Larry Werbel (“Werbel”), a Cleveland-area financial advisor, was recently indicted on charges that he took part in an alleged fraudulent investment scheme. The Peiffer Wolf Carr & Kane law firm’s Cleveland-based securities practice lawyers Jason Kane, James Booker and Colin Ray are investigating the matter and preparing to assist victimized investors.
Werbel is accused of executing the fraudulent scheme, along with others, through the manipulation of the public market in the stock of VGTel Inc. (“VGTL”) in addition to omitting to disclose material facts in connection with the sale of VGTL securities.
VGTel Investors Promised Large Returns But Instead Incurred Devastating Losses
Werbel, along with a number of other brokers, allegedly recommended that investors purchase shares in VGTel. Werbel represented to investors that the shares would pay an eight-percent dividend, according to the indictment.
Unfortunately for investors, they never received any such distributions, according to the indictment. Of the $15 million raised in relation to the fraudulent scheme, Werbel and his co-defendants are alleged to have funneled more than $9 million to themselves and other alleged co-conspirators. Werbel personally received approximately $305,000 in undisclosed kickbacks as a result of his sales of VGTL securities, according to the indictment.
The Peiffer Wolf Carr & Kane Securities Lawyers Often Assist Investors
The Peiffer Wolf Carr & Kane securities lawyers assist investors who lose money as a result broker misconduct and investment fraud. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of broker misconduct and investment fraud are encouraged to contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or James Booker, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.