Daniel Noah Winger (Dufresne) Winger a Letter of Acceptance, Waiver and Consent (“AWC”) pursuant to FINRA Rule 9216 of FINRA’s Code of Procedure to settle allegations he converted customer funds and used the funds for his own personal use. As a result, the Financial Industry Regulatory Authority (FINRA) barred Winger from the financial industry for life.
Winger (FINRA CRD No. 1542674) entered the financial industry in 1986 as an investment company and variable contracts products representative. From 1986 to 2018, Winger solely worked for PFS Investments Inc. (“PFS Investments”). PFS Investments terminated Winger on August 16, 2018, related to the conduct detailed below. Winger is no longer associated with any FINRA member; however, he remains subject to FINRA’s disciplinary powers.
FINRA’s Department of Enforcement investigated Winger and alleged he received checks from an elderly customer in the amount of approximately $100,000. According to FINRA, the customer thought the checks were to be used for her benefit, including to pay commissions and taxes. Winger allegedly deposited the funds in a separate account and used the funds for his personal benefit without the customer’s authorization.
Based upon the foregoing misconduct, FINRA alleged Winger violated two FINRA Rules, namely FINRA Rule 2150(a) and 2010. For example, “[i]t is well established that conversion violates the ‘high standards of commercial honor and just and equitable principles of trade’ required by FINRA Rule 2010.’” Here, Winger’s fraudulent act of stealing customers’ funds was not just and equitable.
Lufrano Law, LLC is a national investment litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. Please contact us at (800) 627-2179 for more information if you have been the victim of investment negligence or fraud.