stock misconduct

Daniel Noah Winger of Federal Way Washington a stockbroker formerly registered with PFS Investments Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he converted funds belonging to a customer of the firm. Letter of Acceptance Waiver and Consent No. 2018059559101 (Aug. 28, 2018).

According to the AWC, from April of 2015 to April of 2018, during the time that Winger was associated with PFS Investments Inc., he received approximately $100,000.00 worth of checks from an elder customer. Those checks, which had been written out to Dan Winger and Associates, were apparently provided by the customer for purposes of addressing obligations pertaining to the customer’s investment account, which included the payment of taxes and commissions.

The AWC stated that after Winger took possession of the customer’s checks, he proceeded to deposit the customer’s funds at a bank account that he utilized for his personal benefit. FINRA found that Winger’s improper use of the customer’s funds constituted conversion; his conduct was violative of FINRA Rules 2010 and 2150(a).

FINRA Public Disclosure confirms that this is not the first customer who has been affected by Winger’s misconduct. Particularly, a customer initiated investment related complaint involving Winger’s conduct was resolved for $10,880.00 in damages supported by accusations that Winger failed to properly explain the terms and conditions of selling the customer’s mutual funds and purchasing a variable annuity.

Winger’s registration with PFS Investments Inc. ceased on August 16, 2018.

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