Barred Broker Dustin Shafer Involved In Newbridge Client Dispute

Soreide Law Group is investigating potential investor claims of sales practice violations possibly committed by securities broker Dustin Paul Shafer [CRD: 4198962, Springfield, Illinois], according to disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Dustin Shafer worked for Newbridge Securities Corporation from September 4, 2019, to November 4, 2020, and for Money Concepts Capital Corp from June 17, 2008, to July 25, 2019. Here’s more about the securities broker’s disclosures.

Newbridge Securities Corporation Investor Accused Shafer Of Breach Of Fiduciary Duty

Also, a Newbridge Securities Corporation client filed FINRA Arbitration No. 23-03375 about Dustin Shafer. The client alleged that Shafer breached a contract, breached his fiduciary duty, and was negligent. Because of this, the client allegedly sustained damages on alternative investments. Therefore, on April 3, 2024, Newbridge Securities Corporation settled this matter by paying the client $5,000 in damages.

SEC Barred Dustin Shafer For Failing To Repay Client Loan

Particularly, on August 9, 2022, the United States Securities and Exchange Commission (SEC) issued Case: 2001056 sanctioning Dustin Shafer for infractions. Specifically, Shafer was barred permanently from association with a brokerage firm, investment advisory, and municipal securities dealer. Namely, SEC alleged that Shafer took personal loans from an elderly investor and did not repay the loans.

The Illinois Secretary of State, Securities Department, entered an Order barring Shafer for allegedly borrowing a total of $58,678 through four personal loans from 2019-2020, which the investor supposedly paid from her own checking account. On September 24, 2019, upon taking the third loan, Shafer allegedly signed a promissory note showing the three loans, but the note did not provide for security, interest, or contain a repayment schedule. Also, Shafer supposedly gave the investor a check for $10,000 but suggested that the investor not cash it until after the post date. Shafer closed his bank account before the investor presented the check for payment.

Allegedly, Shafer continued to manage the investor's accounts as a securities broker and executed many sells and buys in her account. For this reason, he allegedly violated Illinois securities laws, which paved the way for SEC to bar him as a securities broker.

Shafer Barred By FINRA For Allegations

Evidently, FINRA issued an Acceptance, Waiver, and Consent on January 7, 2021, sanctioning Dustin Shafer for infractions. Allegedly, Shafer refused to appear for testimony requested by FINRA in its investigation into the customer loans. As a result, Shafer was barred permanently from all capacities.

Newbridge Securities Corporation Investor Accused Dustin Shafer Of Unsuitable Recommendations

Also, a Newbridge Securities Corporation client filed FINRA Arbitration No. 22-00536 about Dustin Shafer. Supposedly, Shafer failed to disclose important information and made unsuitable recommendations. Because of this, the client allegedly sustained damages on direct investments. So, on November 10, 2022, Newbridge Securities Corporation settled this matter by paying the client $75,000 in damages.

Shafer Disclosed Breach Of Fiduciary Duty Allegations By Money Concepts Capital Corp Client

Additionally, a client of Money Concepts Capital Corp contested Dustin Shafer’s sales practices by filing FINRA Arbitration No. 21-01893. Allegedly, Shafer made unsuitable recommendations, breached his fiduciary duty, and committed misrepresentations. It appears that Shafer caused the client to sustain damages on direct investments. As a result, Money Concepts Capital Corp opted to settle the matter on September 30, 2021, by compensating the client in the amount of $45,000.

Newbridge Securities Corporation Investor Accused Dustin Shafer Of Bad REITs

Specifically, a Newbridge Securities Corporation client filed FINRA Arbitration No. 21-01463 about Dustin Shafer. Supposedly, Shafer made unsuitable recommendations. Because of this, the client allegedly sustained damages on real estate securities. Therefore, on February 16, 2022, Newbridge Securities Corporation settled this matter by paying the client $32,500 in damages.

Dustin Shafer Disclosed Client’s Breach Of Fiduciary Duty Allegations

Also, a client of Money Concepts Capital Corp contested Dustin Shafer’s sales practices by filing FINRA Arbitration No. 20-01663. Allegedly, Shafer violated Illinois securities laws, made unsuitable investment recommendations, breached his fiduciary duties, omitted and misrepresented facts, violated FINRA rules, was negligent, and breached a contract. It appears that Shafer caused the client to sustain damages on non-traded REITs. As a result, Money Concepts Capital Corp opted to settle the matter on September 22, 2020, by compensating the client in the amount of $280,000.

Losses Because Of Securities Broker Shafer?

Did you experience losses because of any sales practice violation by financial advisor / securities broker Dustin Shafer? If so, get in touch with Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney about your legal options. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Shafer and brokerage firms Shafer worked for deny accusations of sales practice violations.