Money Concepts Broker Dustin Shafer Barred As Securities Broker, Involved In Investor Disputes
Soreide Law Group is reviewing whether to bring investor claims against Money Concepts Capital Corp securities broker Dustin Paul Shafer (CRD#: 4198962, Springfield, Illinois). Notably, as of January 7, 2021, Shafer’s securities broker privileges have been taken away by State of Illinois and Financial Industry Regulatory Authority (“FINRA”). In addition, investors filed disputes about him. Let’s take a closer look at these disclosures.
Regulatory Actions Against Dustin Shafer Result In Him Being Expelled As Securities Broker
Evidently, on January 7, 2021, FINRA indefinitely barred Dustin Shafer as securities broker. Basically, FINRA is responsible for overseeing most securities brokers and securities broker-dealers in the United States.
Notably, FINRA prohibited Shafer from associating with any FINRA firms because he did not follow FINRA rules during its investigation. It appears that FINRA wanted Shafer to testify about the reason that Newbridge Securities Corporation terminated him. Evidently, Newbridge Securities Corporation confirms through BrokerCheck that it disaffiliated with Shafer for allegedly borrowing from clients without getting approval from them. Supposedly, Shafer told FINRA that he would not testify in its investigation. Therefore, FINRA barred him as securities broker.
Also, State of Illinois Securities Department issued an Order of Prohibition against Dustin Shafer on January 29, 2021. Specifically, this Order prohibits him from being a securities broker in Illinois. Evidently, this Order stems from the Department’s contention that Shafer violated Illinois securities laws through borrowing $55,000 from an elderly client.
Money Concepts Client Files Suitability Dispute Involving Shafer
Apparently, a client of Money Concepts Capital Corp brought a dispute about Dustin Shafer in October 2020. First of all, the client contended that she did not receive information about suitability of real estate securities. This included information about the illiquidity of purchased investments. For this reason, the client demanded $60,000 in damages. However, this matter has been denied.
Money Concepts Client Indicates That Dustin Shafer Misrepresented Non-Traded REITs
Also, BrokerCheck shows that a Money Concepts Capital Corp client disputed Dustin Shafer’s sales practices in June 2020. Supposedly, Shafer made unsuitable investment recommendations to them. Not only that, but the client indicated that Shafer misrepresented or omitted information about non-traded REITs. Further, the customer alleges violation of Illinois securities law, breach of contract, breach of fiduciary duty and negligence. For this reason, the client received $280,000 through a September 2020 settlement.
Money Concepts Client Indicates That Shafer Breached Fiduciary Duty In Alternative Investment Sales
Moreover, a client of Money Concepts Capital Corp brought a FINRA Arbitration Claim in regard to Dustin Shafer’s actions from 2013 to 2020. In this January 2020 lawsuit, the client alleged misrepresentation in connection with their alternative investment purchases. It appears that the client invested in bad DPPs and LPs. Supposedly, Shafer violated his fiduciary duty to them and violated FINRA rules. Other allegations include negligence and violation of Illinois securities law. Because of this, the client demanded $454,000 to resolve this matter. Evidently, this matter is awaiting resolution.
Have You Experienced Losses From Dustin Shafer?
Supposedly, Dustin Shafer denies allegations of his sales practice violations. Have you experienced losses by investing with this broker? If so, reach out to Soreide Law Group at (888) 760-6552. Discuss your situation with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have been harmed by securities brokers or financial advisors.