An arbitration has been filed with the Financial Industry Regulatory Authority (FINRA) against Money Concepts Capital Corp. This claim was filed by an elderly woman who allegedly lost her investment with the Springfield, Illinois location, and broker Dustin Shafer, who was her broker/advisor at the time. Shafer allegedly recommended to his elderly client that she invest in non-traded real estate investment trusts (REITs). Allegedly, the client suffered substantial losses and claims these investments were unsuitable for her as a conservative, retired investor. He is currently registered with NewBridge Securities Corporation of Springfield, Illinois.
Brokers have an obligation, to all clients, and paticularly retirees, to make sure they understand the expenses and risks associated with REITs before purchasing them and also what level of income to expect and how it will be taxed.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, DUSTIN PAUL SHAFER CRD#: 4198962, has 14 Disclosures on his CRD report. Of the 14 Disclosures, 8 are Customer Disputes. There are 3 “Pending Customer Disputes” that were filed in 2020. Of the claims filed, some of the allegations are, unsuitable investment recommendations, misrepresentation and omission, negligence and breach of contract.
Dustin Shafer has been registered in the securities industry for 19 years and was listed with 4 firms. He has been listed with the following firm since 9/4/2019.
NEWBRIDGE SECURITIES CORPORATION
1630 S. STATE STREET, SUITE 101
SPRINGFIELD, IL 62704
Shafer was previously listed with:
06/17/2008 - 07/25/2019 MONEY CONCEPTS CAPITAL CORP - SPRINGFIELD, IL
If you or an elderly family member have experienced financial losses due to the actions or recommendations of broker, Dustin Shafer previously listed with MONEY CONCEPTS CAPITAL CORP and currently with NEWBRIDGE SECURITIES CORPORATION, both of SPRINGFIELD, IL, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA. We work on a contingency fee basis--no fee to you if no recovery.
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