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Dustin Shafer Formerly with Newbridge Securities Corporation and Money Concepts Capital Has 9 Customer Complaints for Alleged Broker Misconduct

Who is Dustin Shafer of Newbridge Securities Corporation?

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 borrows 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.

Dustin Shafer Customer Complaints

Dustin Shafer has been the subject of 9 customer complaints that we know about, three of those complaints were filed in the last year to recover investment losses. One of Dustin Shafer’s 9 customer complaints was settled in favor of investors.

There are currently two pending customer complaints filed against Money Concepts Capital Corp. for investment losses caused by Dustin Shafer’s alleged misconduct. Three of Dustin Shafer’s customers’ complaints were denied and the customers did not take any further action.

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:

  • The 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.
  • The customer alleges investment was not suitable and was not informed allegedly by Dustin Shafer it was illiquid.
  • The 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.
  • The 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 his 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 a 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.

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 that should put all current and former customers of Dustin Shafer at Newbridge Securities Corporation and Money Concepts Capital 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.

A large number of customer complaints at Newbridge Securities Corporation and Money Concepts Capital 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.

File A Claim to Recover Your Investment Losses at Newbridge Securities Corporation and Money Concepts Capital Due to Dustin Shafer

If you have questions about Newbridge Securities Corporation, Money Concepts Capital, 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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