Former PFS Investment broker Daniel Winger was recently barred by the FINRA over allegations that he misused customer funds.
Winger consented to findings that he converted elderly client funds for his own personal use. According to the allegations, Winger received checks from an elderly client totaling an estimated $100,000. The checks were made payable to Dan Winger and Associates. The client was led to believe the checks would be used for her benefit and would go towards paying taxes and commissions in her brokerage account. Unfortunately for the elderly client, FINRA found that Winger endorsed the checks and deposited the money into his own personal bank account. He then used the funds for his own benefit. As a result of his misconduct, Winger was discharged from PFS Investments in August and barred from working as a broker or otherwise associating with a broker-dealer firm, according to his BrokerCheck report.
Winger worked in the securities industry for 31 years as a registered broker with PFS Investments. Although he is no longer associated with PFS Investments, the firm was responsible for supervising him during the course of his employment. The firm’s failure to adequately supervise Winger could make PFS Investments liable for any damages resulting from Winger’s misconduct.
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