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