In October 1976, Larry Steven Werbel entered the securities industry. He became employed by LPL Financial in February 2009 and worked until his termination in February 2011. In March 2011, Mr. Werbel became registered with Summit Brokerage Services.
On March 10, 2014, FINRA and Larry Steven Werbel entered into a letter of acceptance, waiver and consent (AWC No. 2011026550301) in connection with various FINRA rule violations committed by Larry Steven Werbel while he was employed with LPL Financial in late 2010. According to the AWC, Mr Werbel solicited the purchase of penny stocks to eight of his customers, in contravention of LPL Financial’s firm policy. Mr. Werbel then improperly marked the transactions as “unsolicited.” Thereafter, Larry Steven Werbel shared personal information pertaining to these customers to a third party stock promoter in violation of Securities and Exchange Commission Regulations and FINRA Rules.
As a result of the foregoing activity, Larry Steven Werbel consented to a suspension of two months and a fine in the amount of $12,500. For more information on Mr. Werbel’s suspension and fine, please visit FINRA’s website.