Larry Werbel, of Suburban Cleveland, Allegedly Located Investors, and Urged them to Buy $3 Million in Shares of VGTel, Inc. (VGTL)
Larry Werbel, a Chagrin Falls, Ohio financial adviser, allegedly assisted to orchestrate a scheme wherein he purportedly defrauded at least 100 investors out of more than $15 million, according to statements from the U.S. Attorney’s Office (Southern District of New York) currently under review by attorneys Jason Kane and Joe Peiffer.
Larry Werbel, owner of Evolution Partners Wealth Management, allegedly found investors and pushed them to buy $3 million in shares of VGTL, the U.S. Attorney’s office reports.
Werbel, in exchange, allegedly then received more than $300,000 in kickbacks, as part of an overall scheme that also allegedly involved penny stock companies QLotus Holdings Inc., Haddad-Wylie Industries LLC (HWIC) and Cassidy Ventures, Inc. (CSVN). according to federal prosecutors. The Peiffer Wolf Carr & Kane securities lawyers are currently investigating Larry Werbel, and his alleged investment scheme.
Larry Werbel Facing Multiple Fraud Charges, Up to Twenty Years in Prison, and a Maximum Fine of $5 Million
Larry Werbel, 67, is facing charges of one count of conspiracy to commit securities fraud, one count of securities fraud, one count of conspiracy to commit wire fraud, one count of wire fraud, one count of investment adviser fraud, and one count of making false statements to federal officers, according to statements from the U.S. Attorney’s Office (Southern District of New York) currently under review by attorneys Jason Kane and Joe Peiffer.
Werbel, who was recently arrested at his suburban Cleveland home, is facing twenty years in prison, and a maximum of $5 million, the U.S. Attorney’s office reports.
Prosecutors say of the $15 million invested, more than $9 million went into the pockets of those involved in the scheme, an alleged scheme said to have defrauded more than 100 investors of at least $15,000,000.
Securities Lawyers Investigating
The Peiffer Wolf Carr & Kane securities lawyers often represent investors who lose money as a result of investment schemes, and are currently investigating Larry Werbel’s alleged investment scheme. 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 Larry Werbel‘s alleged investment scheme may contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free no-obligation evaluation of their recovery options, at 585-310-5140.