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SEC target Werbel pleads guilty in kickback scheme

2017-01-16 10:16 ET - Street Wire

Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-VGTL) VGTel Inc

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by Mike Caswell

Larry Werbel, one of those charged alongside Vancouver-linked fraudster Ed Durante for a pink sheets scheme, has pleaded guilty. He entered the plea in an appearance before New York Judge Kevin Fox on Jan. 10, 2017. The judge allowed him to remain free on a $500,000 bond. (All figures are in U.S. dollars.)

The government claims that Mr. Werbel received bribes from Mr. Durante to place clients of his investment advisory service into a pink sheets company called VGTel Inc. In recommending the stock Mr. Werbel took no steps to learn anything about VGTel, nor did he advise clients that he was receiving money from Mr. Durante, who he knew to be a convicted criminal. Mr. Werbel accepted $200,000 in exchange for the purchase of $2-million worth of shares.

The charges to which Mr. Werbel has pleaded guilty are one count of conspiracy to commit securities fraud and one count of investment adviser fraud. Prosecutors have presumably agreed to drop four other counts against him, which included wire fraud and securities fraud. Mr. Werbel's sentencing is set for May 9, 2017.

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