FINRA barred Michael Bruce Winegar from association with any FINRA member in any capacity.
/Furgison Law Group investigates claims against Michael Bruce Winegar
The securities fraud lawyers at Furgison Law Group are currently investigating claims against Michael Bruce Winegar and Wedbush Securities, Inc. The arbitration specialists at Furgison Law Group are investigating claims involving allegations of breach of fiduciary duty, failure to supervise, misrepresentations, omissions of material facts, conflict of interests, violations of state and federal securities laws, along with other broker misconduct.
FINRA barred Michael Bruce Winegar from securities industry
FINRA barred Michael Bruce Winegar (CRD #1232800, Salem, Oregon) from association with any FINRA member in any capacity. 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. (FINRA Case #2015045014101)
Investors Have the Right to Recover Their Losses
When investments are sold by brokerage firms licensed by FINRA, they are subject to the laws that FINRA enforces. The brokerage firms are responsible for ensuring that their brokers are trading fairly, ethically and in the best interest of their clients. Ideally, they would accomplish this through careful supervision. Unfortunately, too often this supervision has been inadequate to fully protect investors. If you purchased any investments through a representative of a registered brokerage firm and suffered loses through negligence or fraud, it immediately puts the brokerage firm at fault for failing to supervise their broker. FINRA law then dictates that you can hold the firm legally liable to recover your damages.
Can I recover my investment losses?
If you lost a substantial portion of your retirement savings or other assets as a result of investments purchased through Michael Bruce Winegar or Wedbush Securities, Inc., please contact us immediately. Our investment fraud lawyers have recovered millions of dollars from the largest banks, insurance companies and brokerage firms in the world on behalf of investment fraud victims. You may have certain legal rights that require your immediate attention. Time is of the essence in these claims. The sooner you act, the greater your chances of recovering your investment losses. Don't wait. Contact us TODAY for a FREE Consultation and case evaluation. We will tell you if you have a viable claim worth pursuing.