Dustin Shafer, Formerly of Money Concepts Capital, Named in Multiple Customer Disputes Seeking Over $500K

Shafer is accused of unsuitable recommendations, misrepresentations and omissions, and violating securities laws.

The Sonn Law Group is investigating allegations that Dustin Shafer committed misconduct. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Dustin Shafer (CRD#: 4198962) is currently registered as a broker and an investment adviser with Newbridge Securities. Previously, Shafer was employed by Money Concepts Capital from 2008 until 2019. 

Shafer is currently facing three pending customer disputes alleging various misconduct. Shafer has eleven other disclosures on his BrokerCheck report.

June 2020 Customer Dispute

• Status: Pending
• Allegations: “Clients are alleging unsuitable investment recommendations, misrepresentation and omission, violation of Illinois Securities Law and Regulations of 1953, violation of the Illinois Consumer Fraud & Deceptive Practices Act, Breach of Fiduciary Duty, violation of FINRA Rule 3110, negligence and breach of contract.”

January 2020 Customer Dispute

• Status: Pending
• Allegations: “Customer alleges the investment was not explained and that he was guaranteed a monthly dividend. Customer also alleges losses due to a devaluation of the offering..”
• Damage Amount Requested: $175,000.00
• Broker Comment: “Initial complaint has evolved into an arbitration. Customer is alleging breach of fiduciary duty and negligence.”

January 2020 Customer Dispute

• Status: Pending
• Allegations: “Customer purchased alternative investments beginning 2013 and is alleging these were misrepresented. Statement of claim alleges violation of Illinois Securities Laws, breach of fiduciary duty, negligence and violation of FINRA Rules.”
• Damage Amount Requested: $454,000.00
  

September 2019 Customer Dispute

• Status: Denied
• Allegations: “Customer alleges RR did not disclose the investment was illiquid and could not be sold. Customer also alleges RR placed a large portion of his net worth into the REIT.”
• Damage Amount Requested: $90,000.00

September 2019 Customer Dispute

• Status: Denied
• Allegations: “Customer alleges 2014 investment was not suitable and was not informed it was illiquid.”
• Damage Amount Requested: $19,834.00

May 2019 Customer Dispute

• Status: Closed – No Action
• Allegations: “Customer alleges her account dropped in value by $26,583 in July 2018 and her requests for an explanation from the Registered Representative have gone unanswered. Firm learned the drop in value was due to the listing of a non-traded REIT. The newly-listed, now public shares were valued at a lower price than the non-traded REIT.”
• Damage Amount Requested: $26,583.00
• Broker Comment: “Firm provided written response to customer explaining the REIT went public and shares were valued at a lower pierce than when she owned shares of the non-traded REIT.”

October 2018 Judgment / Lien

• Judgment / Lien Amount: $15,112.00
• Judgment / Lien Type: Tax
• Broker Comment: “I don’t recall ever receiving anything regarding this lien.”

April 2017 Customer Dispute

• Status: Closed – No Action
• Allegations: “Customer’s daughter alleges RR recommended bad investments and is stalling on redeeming her father’s account.”
• Damage Amount Requested: $75,000.00

March 2017 Judgment / Lien

• Judgment / Lien Amount: $10,207.00
• Judgment / Lien Type: Civil
• Broker Comment: “I believe it was disclosed to my prior firm and assumed it didn’t need disclosed as a new judgment.”

March 2016 Judgment / Lien

• Judgment / Lien Amount: $71,285.00
• Judgment / Lien Type: Tax

February 2016 Judgment / Lien

• Judgment / Lien Amount: $12,704.00
• Judgment / Lien Type: Tax

March 2015 Judgment / Lien

• Judgment / Lien Amount: $14,335.00
• Judgment / Lien Type: Tax

September 2014 Judgment / Lien

• Judgment / Lien Amount: $31,711.32
• Judgment / Lien Type: Tax

June 2007 Customer Dispute

• Status: Closed – No Action
• Allegations: “Client alleges failure to disclose surrender charges and tax consequences in connection with the surrender of a fixed annuity and reinvestment in a managed account.”
• Damage Amount Requested: $15,364.80

Contact Us Today

The Sonn Law Group is currently investigating allegations that Dustin Shafer committed misconduct. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.