Dustin Paul Shafer of Springfield, Illinois, a stockbroker formerly registered with Newbridge Securities Corporation, is referenced in a customer initiated investment related FINRA securities arbitration claim which was settled for $45,000.00 in damages founded on accusations that the customer was placed into unsuitable direct participation program interests or limited partnership interests when Shafer was employed by Money Concepts Capital Corp. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01893 (September 30, 2021). According to the claim, Shafer made misrepresentations to the customer regarding the alternative investments. The claim also alleges breach of fiduciary duty resulting in damages.
FINRA Public Disclosure shows that Shafer has been identified in nine more customer initiated investment related disputes regarding accusations of his activities while associated with securities broker dealers, including Chase Investment Services Corp and Money Concepts Capital Corp. Shafer is identified in a customer initiated investment related FINRA securities arbitration claim which was resolved for $280,000.00 in damages based upon allegations that misrepresentations and omissions had been made about a non-traded REIT and that unsuitable investment advice was provided by Shafer while he was registered with Money Concepts Capital Corp. FINRA Arbitration No. 20-01663 (September 22, 2020). According to the claim, the securities broker dealer violated Illinois Securities Law and Regulations of 1953, Illinois Consumer Fraud and Deceptive Practices Act, and FINRA Rule 3110. Accusations also include breach of contract, negligence, and breach of fiduciary duty.
A different customer initiated investment related FINRA securities arbitration claim concerning Shafer’s activities was settled for $250,000.00 in damages supported by allegations of misrepresentation, negligence, violation of Illinois securities laws and FINRA rules, and breach of fiduciary duty concerning direct investments by Shafer and Money Concepts Capital Corp beginning in 2013. FINRA Arbitration No. 19-03811 (June 20, 2021).
Another customer filed an investment related FINRA securities arbitration claim involving Shafer’s conduct where the customer requested $94,000.00 in damages founded on accusations of omissions concerning direct investments and the customer being misled about a monthly dividend. FINRA Arbitration No. 20-00244 (March 9, 2021).
Shafer is also the subject of a customer initiated investment related FINRA securities arbitration claim which was resolved for $32,500.00 in damages based upon allegations of the customer not being made aware of the illiquidity of the real estate security recommended by Shafer at Money Concepts Capital Corp. FINRA Arbitration No. 21-01463.
Shafer has been barred from associating with any FINRA member in any capacity supported by findings that he failed to cooperate with a FINRA investigation concerning accusations of his potential borrowing of customer funds during the time that he was associated with Newbridge Securities Corporation. Letter of Acceptance, Waiver, and Consent No. 2020068114401 (January 7, 2021).
According to the AWC, Shafer was under investigation in December of 2020, at which time FINRA asked him to testify in the investigation. Shafer emailed FINRA on December 11, 2020, confirming that he would refuse to testify at any time. Shafer was subsequently barred by FINRA.
Shafer was discharged by Newbridge Securities Corporation on November 4, 2020, founded on allegations of him borrowing an existing customer’s funds without approval from the securities broker dealer.
