Dustin Paul Shafer of Springfield Illinois a stockbroker formerly registered with Money Concepts Capital Corp is the subject of a customer initiated investment related arbitration claim in which the customer requested unspecified damages based upon allegations that securities laws of the State of Illinois were violated in regard to Shafer’s securities transactions and that the customer had been defrauded by purchasing non-traded real estate investment trust products while the stockbroker was associated with Money Concepts Capital Corp. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01663 (May 27, 2020).
According to the claim, a fiduciary duty that was owed to the customer had been breached. Transactions allegedly ran afoul of Illinois Consumer Fraud and Deceptive Practices Act as well as Illinois Securities Law of 1953. The claim also alleges that Shafer’s investment recommendations failed to be suitable for the customer and that his negligence resulted in the customer’s losses.
FINRA Public Disclosure confirms that Shafer has been identified in seven additional customer initiated investment related disputes concerning accusations of his misconduct while employed by Money Concepts Capital Corp and Chase Investment Services Corp. On April 10, 2017, a customer filed an investment related complaint concerning Shafer’s activities where the customer sought $75,000.00 in damages founded on accusations that a bad real estate investment trust was recommended by the stockbroker and that the customer had not been timely repaid.
On May 2, 2019, another customer filed an investment related arbitration claim pertaining to Shafer’s conduct in which the customer requested $26,583.00 in damages supported by allegations that the customer sustained poor investment performance by purchasing non-traded real estate investment trust products from Shafer. The stockbroker has also been referenced in a customer initiated investment related written complaint on September 26, 2019 in which the customer requested $19,834.00 in damages supported by allegations that a real estate security sold by Shafer failed to provide liquidity and was not suitable for the customer.
Shafer is also the subject of a customer initiated investment related written complaint on September 30, 2019 in which the customer requested $90,000.00 in damages based upon allegations that omissions had been made by the stockbroker concerning the liquidity of the customer’s investments and that the customer’s portfolio had been overconcentrated in bad investments by Shafer during the time that he was associated with Money Concepts Capital Corp.
On January 3, 2020, another customer filed an investment related arbitration claim in reference to Shafer’s conduct where the customer sought $454,000.00 in damages based upon accusations that Illinois securities laws and FINRA rules were violated by way of Shafer’s sales of alternative investments. FINRA Arbitration No. 19-03811 (Dec. 23, 2019). The claim alleges that misrepresentations were made to the customer concerning securities and that Shafer’s negligence played a part in the customer’s direct investments including direct participation program interests or limited partnership interests. According to the claim, there was a breach of fiduciary duty by the stockbroker.
Shafer has also been identified in a customer initiated investment related arbitration claim where the customer sought $175,000.00 in damages founded on accusations that the customer had not been told about the types of direct investments that were sold to him. According to the claim, the customer’s investment losses were caused by the devaluation of an offering. FINRA Arbitration No. 20-00244 (Jan. 27, 2020).
Shafer’s employment with Money Concepts Capital Corp was terminated on July 25, 2019. Since December 26, 2019, he has been a stockbroker and an investment adviser representative at Newbridge Securities Corporation.
