Soreide Law Group obtained the following from FINRA's Disciplinary Report, March, 2016.
Michael B. Winegar (CRD #1232800, Salem, Oregon) Alternate Names: MIKE WINEGAR
was barred by FINRA for allegedly converting $100,000 from an elderly client and using the funds to repay his family and personal debts, and to trade securities on his own behalf. UPDATE: September 2016, Mark Heiden of Wedbush Securities, Inc. was named in a FINRA filing for an alleged $1.1 million energy loss.
FINRA's findings stated that Michael B. Winegar enticed the elderly client into paying him $100,000 and told the elderly client that supposedly he would use the funds to help establish an independent investment advisory firm through which Winegar would satisfy the debt by providing the elderly client with free investment advice over the next four years.
Michael B. Winegar never established the advisory firm, and at the time of the loan agreement, Winegar was planning on retiring from the securities industry. Soon after obtaining the $100,000 from the elderly client, Winegar sold his securities business to another registered representative at his firm and left the securities industry.
Winegar entered into a non-compete agreement that prevented him from providing investment advice to his former clients, including the elderly client he had obtained the $100,000. Winegar used the elderly client'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. Michael B. Winegar has not repaid any of the funds obtained from the elderly customer.
(FINRA Case #2015045014101)
Mike Winegar had been in the securities industry for 30 years. FINRA has permanently barred him from acting as a broker or otherwise associating with firms that sell securities to the public. Winegar was listed with the following firm:
09/1999 - 12/2014 WEDBUSH SECURITIES INC. - SALEM, OR
If you or an elderly family member were taken advantage of by your broker/financial advisor, call Soreide Law Group for a no-cost consultation on the possible recovery of your funds at: 888-760-6552.
Soreide Law Group represents clients nationwide.
UPDATE: A $1.1 million FINRA claim was filed in September 2016 against Wedbush Securities, Inc. and broker Mark Heiden. The filing alleges over-concentration in the energy sector causing losses:
- Seadrill
- Clearbridge American Energy MLP
- Goldman Sachs MLP Energy
- Arch Coal
- Energy XXI Bermuda Ltd.
