According to FINRA’s March 2016 Disciplinary Report, Michael Bruce Winegar (CRD #1232800, Salem, Oregon) recently submitted an AWC in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Winegar consented to the sanction and to the entry of findings that he converted $100,000 from an elderly customer and used the funds to repay his family and personal debts, and to trade securities on his own behalf. The findings stated that Winegar enticed the elderly customer into paying him $100,000 and told the elderly customer that he would use the funds to help establish an independent investment advisory firm through which Winegar would supposedly satisfy the debt by providing the elderly customer with free investment advice over the next four years. Winegar never established an independent investment advisory firm, and at the time of the loan agreement, Winegar was planning on retiring from the securities industry. Shortly after obtaining the $100,000 from the elderly customer, Winegar sold his securities business to another registered representative at his firm and left the securities industry. As part of the sale, Winegar entered into a noncompete agreement that prevented him from providing investment advice to his former customers, including the elderly customer from whom Winegar had obtained the $100,000. Winegar used the elderly customer’s $100,000 for his own personal use, including paying off his daughter’s student loan debt and his own credit card bills. He also used some of the funds to engage in securities trading on his own behalf. Winegar has not repaid any of the funds obtained from the elderly customer.
For the full FINRA findings, see FINRA Case #2015045014101.
According to Winegar’s FINRA BrokerReport, he was registered with Wedbush Securities from 09/1999 – 12/2014.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group.
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