wine Bad EXE format on Ubuntu 19.10

I am trying to install an exe file on my newly installed Ubuntu 19.10 and no matter what I try I get "Bad EXE format" error.

What I tried:

$wine alpari5setup.exe
# OR
$rm -rf ~/.wine/
$WINEARCH=win32 wine alpari5setup.exe

wine: created the configuration directory '/home/user/.wine'
0012:err:ole:marshal_object couldn't get IPSFactory buffer for interface {00000131-0000-0000-c000-000000000046}
0012:err:ole:marshal_object couldn't get IPSFactory buffer for interface {6d5140c1-7436-11ce-8034-00aa006009fa}
0012:err:ole:StdMarshalImpl_MarshalInterface Failed to create ifstub, hres=0x80004002
0012:err:ole:CoMarshalInterface Failed to marshal the interface {6d5140c1-7436-11ce-8034-00aa006009fa}, 80004002
0012:err:ole:get_local_server_stream Failed: 80004002
0014:err:ole:marshal_object couldn't get IPSFactory buffer for interface {00000131-0000-0000-c000-000000000046}
0014:err:ole:marshal_object couldn't get IPSFactory buffer for interface {6d5140c1-7436-11ce-8034-00aa006009fa}
0014:err:ole:StdMarshalImpl_MarshalInterface Failed to create ifstub, hres=0x80004002
0014:err:ole:CoMarshalInterface Failed to marshal the interface {6d5140c1-7436-11ce-8034-00aa006009fa}, 80004002
0014:err:ole:get_local_server_stream Failed: 80004002
Could not load wine-gecko. HTML rendering will be disabled.
wine: configuration in '/home/user/.wine' has been updated.
wine: Bad EXE format for Z:\home\user\Downloads\alpari5setup.exe.

$ wine --version

wine-4.0.2 (Ubuntu 4.0.2-1)