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Dustin Shafer Formerly With Newbridge Securities Corporation and Money Concepts Capital Corp Has 12 Customer Complaints For Alleged Broker Misconduct

Who is Dustin Shafer formerly with Newbridge Securities Corporation?

Dustin Shafer

Dustin Shafer (CRD #4198962) who was formerly registered with Newbridge Securities Corporation and located in Springfield, Illinois is a subject of one of our many securities industry sales practice abuse investigations. Prior to Newbridge Securities Corporation, Dustin Shafer was associated with Money Concepts Capital and other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems. Dustin Shafer has had his own share of regulatory problems. In January 2021, he was permanently barred from association with any FINRA member firm for refusing to appear for on-the-record testimony requested by FINRA in connection with an investigation into whether he borrow money from the customer without preapproval from his member firm. It is also subject to a pending investigation by the State of Illinois Securities Department which is ongoing. The SEC also permanently barred Dustin Shafer and participating in any offering of a penny stock indefinitely.

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Dustin Shafer Customer Complaints

Dustin Shafer has been the subject of 12 customer complaints that we know about seeking to recover investment losses. Six customer complaints were settled by Money Concepts Capital Corp. in favor of the investors for Dustin Shafer’s alleged misconduct.  The brokerage firm has denied 5 of the customer complaints and the investors so far but has not taken any further action.  There is currently one FINRA arbitration proceeding pending against both Money Concepts Capital Corp. and Newbridge Securities Corporation or Dustin Shafer’s alleged misconduct.

Allegations Against Dustin Shafer

A sample of the allegations made in the FINRA reported arbitration claim settlements and/or pending complaints for investment losses are as follows:

  • Client alleges failure to disclose surrender charges and tax consequences in connection with the surrender of a fixed annuity and reinvestment in a managed account allegedly made by Dustin Shafer.
  • Clients are alleging unsuitable investment recommendations, misrepresentation and omission, violation of Illinois Securities Law and Regulations of 1953, violation of the Illinois Consumer Fraud & Deceptive Practices Act, Breach of Fiduciary Duty, violation of FINRA Rule 3110, negligence and breach of contract allegedly committed by Dustin Shafer.
  • Customer alleges investment was not suitable and was not informed allegedly by Dustin Shafer it was illiquid.
  • Customer alleges her account dropped in value by $26,583 and her requests for an explanation from the Registered Representative have gone unanswered. The firm learned the drop in value was due to the listing of a non-traded REIT. The newly listed, now public shares were valued at a lower price than the non-traded REIT allegedly made by Dustin Shafer.
  • Customer alleges Dustin Shafer did not disclose the investment was illiquid and could not be sold. The customer also alleges RR placed a large portion of its net worth into the REIT.
  • The customer alleges the investment was not explained and that he was guaranteed a monthly dividend. The customer also alleges losses due to a devaluation of the offering allegedly made by Dustin Shafer.
  • The customer purchased alternative investments and is alleging these were misrepresented. Statement of Claim alleges that Dustin Shafer committed violation of Illinois securities laws, breach of fiduciary duty, negligence, and violation of FINRA rules.
  • The customer’s daughter alleges Dustin Shafer recommended bad investment and is stalling on redeeming her father’s account.
  • Breach of fiduciary duty, breach of contract, and negligence involving alternative investments.
  • Misrepresentations in unsuitable investment recommendations in violation of Illinois securities laws and a breach of fiduciary duty.

Dustin Shafer Red Flags & Your Rights As An Investor

Of course, Dustin Shafer did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Dustin Shafer at Newbridge Securities Corporation and Money Concepts Capital Corp on alert to review carefully the activity and performance of their accounts and question whether Dustin Shafer has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Newbridge Securities Corporation and Money Concepts Capital Corp also raises questions about the brokerage firms’ supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.

Did You Lose Money Because of Broker Misconduct?

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If you have lost money due to negligence or fraud by a stockbroker or advisor, the easiest way to know if you have a case is to call our office at 800-732-2889. Our investment fraud attorneys will evaluate your claim for free and let you know if we can help you recover your losses.

Need Legal Help? Let’s talk.

or, give us a ring at 561-338-0037.

File A Claim To Recover Your Investment Losses At Newbridge Securities Corporation Due To Dustin Shafer

 If you have questions about Newbridge Securities Corporation, Money Concepts Capital Corp and/or Dustin Shafer and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.

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Robert Wayne Pearce

Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $170 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.

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