SEC bars New Jersey RIA over securities, adviser fraud

Larry Werbel had pleaded guilty to receiving kickbacks for touting stock

Jun 11, 2018 @ 2:07 pm

By InvestmentNews

The Securities and Exchange Commission has barred New Jersey adviser Larry Werbel, who in September 2017 pled guilty to one count of conspiracy to commit securities fraud and one count of investment adviser fraud.

Mr. Werbel, a resident of Milburn, N.J., owns and operates Evolution Partners Wealth Management, an investment adviser that was registered from 2011 through 2015.

In connection with his plea, Mr. Werbel, admitted that as a registered investment adviser with an office in Cleveland, Ohio, from 2011 through 2014, he introduced his clients to VGTel Inc., which he described as an "investment opportunity." He admitted that he "willfully failed to tell these clients that he was being compensated to recommend the purchase of VGTel securities … through an agreement with Ed Durante, a codefendant in the case."

Mr. Werbel also failed to inform clients that New Market Enterprises, the entity to which he directed his clients to send their money for the purchase of VGTel securities, was run and controlled by Mr. Durante, who Mr. Werbel knew at the time was a convicted felon.

(More: Brokers must pay clients $845,000 arbitration award)


What do you think?

View comments

Recommended for you

Featured video


What's behind the TCA, ETrade deal?

Deputy editor Bob Hordt talks with senior columnist Jeff Benjamin about what each party in the recent acquisition stands to gain by joining forces.

Latest news & opinion

What's in a name? For TCA by ETrade, everything

Trust Company of America is gone, and there's big buzz over the name change. But turning the custodian into an industry powerhouse will take a lot longer — if it happens at all.

When it comes to regulating AI in financial services, murky waters are ahead

Laws are unclear on how the technology fits in with compliance.

As Ameriprise case shows, firms on hook when brokers go bad ​

The SEC will collect $4.5 million from the brokerage firm for failing to supervise brokers who were ripping off clients.

10 highest paid professions in America today

These are the top-paying jobs in the U.S., according to Glassdoor.

Ameriprise to pay $4.5 million to settle SEC charges that five reps stole more than $1 million from clients

Agency censures firm for not protecting clients from thieving brokers.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print