Former Birmingham stockbroker Kevin McCallum (CRD# 2222586) was recently sanctioned by the Financial Industry Regulatory Authority. A former representative of...Read More
Dustin Shafer: Ex-Money Concepts Rep Has Investor Complaints
Former Springfield, Illinois broker and investment adviser Dustin Shafer (CRD#: 4198962) has received several settled or pending customer complaints in the last several years, including several that settled for six-figure sums.. According to records provided by the Financial Industry Regulatory Authority (FINRA), Shafer was most recently registered with Newbridge Securities Corporation and Money Concepts Capital Corp., though he was barred in January 2021 from associating with any FINRA member firm.
According to his FINRA-maintained BrokerCheck report, Dustin Shafer has received three settled investor complaints and one pending investor complaint. He was also barred from FINRA in January 2021 in connection to allegations he refused to provide testimony during an investigation “into whether he borrowed money from a customer without pre-approval from his member firm.” He was also issued an order of prohibition by the Illinois Securities Department in December 2020 in connection to allegations he “borrowed over $55,000 from one of his elderly clients” in violation of state law. In November 2020 he was discharged from his position at Newbridge Securities Corporation in connection to allegations he borrowed money from a client without firm pre-approval, in violation of firm policies.
The most recent pending investor complaint against Dustin Shafer was filed in June 2021. It alleges that as a representative of Money Concepts Capital Corporation, he did not inform the customer of her investment’s suitability standards or illiquidity. The pending complaint alleges damages of $60,000.
A May 2020 complaint against Dustin Shafer alleged that as a representative of Money Concepts Capital Corporation, he recommended unsuitable investments, misrepresented and omitted material facts, violated Illinois law and regulations, breached his fiduciary duty, violated FINRA rules, acted negligently, and breached contract in connection to an investment in a non-traded real estate investment trust. The complaint reached a settlement of $280,000.
Another 2020 complaint against Dustin Shafer alleged that as a representative of Money Concepts Capital Corporation, he misrepresented alternative investment products, breached his fiduciary duty, acted negligently, violated FINRA rules, and violated Illinois laws. In June 2021 the complaint reached a settlement of $250,000.
A third 2020 complaint against Dustin Shafer alleged that as a representative of Money Concepts Capital Corporation, he did not properly explain an investment and breached his fiduciary duty. The complaint reached a settlement of $94,000.
While Dustin Shafer is not currently registered as a broker or investment adviser, he holds 19 years of securities industry experience and was most recently registered with Newbridge Securities Corporation in Springfield, Illinois from 2019-2020. Before that, he was registered with Money Concepts Capital Corp in Springfield, Illinois; Chase Investment Services in Springfield, Illinois, Banc One Securities Corporation in Chicago, Illinois; and Edward Jones in St. Louis, Missouri. He has passed four securities industry qualifying examinations: the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; the National Commodity Futures Examination, or Series 3; the Uniform Combined State Law Examination, or Series 66; and the General Securities Representative Examination, or Series 7. He currently holds zero state securities registrations. (Information current as of July 14, 2021.)