The Financial Industry Regulatory Authority has barred former PFS Investments broker Daniel Winger for stealing funds from an elderly client. Winger first entered the securities industry in 1986 and was affiliated with PFS for more than 31 years until his termination on August 16th.
Between April 2015 and April 2018, while Winger was associated with PFS, an elderly customer gave him checks totaling approximately $100,000 made payable to Dan Winger and Associates. According to FINRA, the customer understood that the checks were to be used for her benefit, including to pay commissions associated with her brokerage account and for taxes.
However, FINRA claims that Winger endorsed the checks, deposited them into a separate bank account, and used the funds for his own personal use.
Winger, who held FINRA Series 6, 63, and 26 licenses, was barred from practicing by FINRA, which he accepted without admitting or denying the charges, according to the letter of acceptance, waiver and consent.