Dustin Paul Shafer of Springfield Illinois a stockbroker formerly registered with Money Concepts Capital Corp is referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer sought $150,000.00 in damages supported by accusations of unsuitable direct participation program interests and limited partnership interests for their account during the time that Shafer was associated with Money Concepts Capital Corp. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01893 (August 9, 2021). The claim alleges that Shafer made misrepresentations to the customer regarding alternative investments. According to the claim, Shafer breached a fiduciary duty to them.
FINRA Public Disclosure shows that Shafer has been identified in nine more customer initiated investment related disputes containing allegations of his bad sales practices while employed by Money Concepts Capital Corp. On September 30, 2019, a customer filed an investment related complaint concerning Shafer’s activities. They requested $90,000.00 in damages founded on accusations of a large portion of their net worth being placed into a real estate security by Shafer before being informed of the illiquidity of the investment.
Shafer is the subject of a different customer initiated investment related FINRA securities arbitration claim which settled for $280,000.00 in damages based upon allegations of breach of contract and negligence as it related to a non-traded real estate investment trust that Shafer recommended while registered with Money Concepts Capital Corp. FINRA Arbitration No. 20-01663 (September 22, 2020). The claim alleges breach of fiduciary duty and the violation of laws including Illinois Consumer Fraud Deceptive Practices Act and Illinois Securities Law and Regulation of 1953. Accusations also include misrepresentations, omissions, and unsuitable advice.
Shafer is also referenced in a customer initiated investment related FINRA securities arbitration claim which was resolved for $250,000.00 in damages supported by allegations of negligence and FINRA rule violations by Shafer regarding direct investment sales at Money Concepts Capital Corp. FINRA Arbitration No. 19-03811 (June 20, 2021). The claim alleges that Illinois securities laws were violated and that Shafer breached a fiduciary duty to the customer relating to the alternative investments. According to the claim, the customer sustained damages from misrepresentation too.
Another customer initiated investment related FINRA securities arbitration claim concerning Shafer’s conduct was settled for $94,000.00 in damages founded upon accusations of the customer investing in poorly performing direct investments because of Shafer. FINRA Arbitration No. 20-00244 (March 9, 2021). The claim alleges that Shafer did not explain how the investment worked and guaranteed the customer would receive dividends.
On June 22, 2021, an additional customer filed an investment related FINRA securities arbitration claim involving Shafer’s activities. They sought $60,000.00 in damages based on allegations that they were not made aware by Shafer that the real estate security purchased for their account was not liquid. FINRA Arbitration No. 21-01463. The claim alleges that the customer was placed into unsuitable investments because of Shafer.
FINRA Public Disclosure also shows that Shafer has been barred from associating with any FINRA member in any capacity supported by findings that Shafer did not cooperate with an investigation in which he was examined for possible unauthorized borrowing from a customer when he was associated with Newbridge Securities Corporation. Letter of Acceptance Waiver and Consent No. 2020068114401 (January 7, 2021).
Shafer was registered with Money Concepts Capital Corp between June 17, 2008, and July 25, 2019. He was also registered with Newbridge Securities Corporation between September 4, 2019, and November 4, 2020. Newbridge discharged Shafer founded on accusations of him violating policy relating to borrowing customer funds without permission.
