Securities Arbitration Lawyers BlogMisconduct-Riddled Former Ohio-based Broker Under Investigation Amidst Pending FINRA Arbitrations
Silver Law Group is investigating former Ohio-based Concorde Investment Services, LLC (CRD# 151604) broker Larry S. Werbel (CRD# 828351) for three pending FINRA arbitrations and a litany of disclosures on his FINRA BrokerCheck report.
According to Werbel’s FINRA BrokerCheck report, Werbel has three pending FINRA arbitrations filed in the last four months that allege unsuitable recommendations, failure to supervise, fraud, breach of duty of loyalty, and negligence for an aggregate amount of over $1.25 million. At least one of the complaints alleges securities violations spanning back to Werbel’s employment with LPL Financial LLC (CRD# 6413) from February 2009 to February 2011.
FINRA’s BrokerCheck tool is a valuable way to examine a broker’s background. The investor tool discloses FINRA arbitrations that have been settled, are pending or have been denied; bankruptcies, civil judgments and tax liens; employment separations and other discharges; criminal proceedings; and regulatory actions. According to an InvestmentNews report, only about 12 percent of financial advisors have any type of disclosure events on their records.