Michael Winegar Barred by FINRA

Michael Winegar barred by FINRA.

In March, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Michael Winegar of Salem, OR, formerly with Wedbush Securities of Los Angeles, CA was barred from association with any FINRA member in any capacity as a result of findings that he converted one hundred thousand dollars from an elderly customer.  Winegar used the funds for his own personal expenses, to repay debts and to trade securities for his own account.  Winegar had promised the elderly customer that he would use the funds in furtherance of his securities business and that he would provide the client with “free” investment advice for four years.  FINRA’s findings stated that Winegar had no intention of doing this, and was planning on leaving the securities business.  Once the funds were spent, Winegar failed to return the money to the client.

Registration and disciplinary history

In order to lawfully sell investments to the public,  a registered rep must either be registered or exempt from registration.  Michael Winegar was registered with:

09/1999 – 12/2014
WEDBUSH SECURITIES INC.
03/1998 – 09/1999
DAIN RAUSCHER INCORPORATED

According to FINRA’s CRD disclosure report, Michael Winegar has been the subject of one customer complaint and one regulatory investigation.

The Law Office of David Liebrader practices exclusively in the field of investment loss recovery.  For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions.  During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies.  The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.

When investors contact our firm they can expect prompt attention, and a detailed analysis of their issues.  Typical claims that we are asked to review  involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.

If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.