Dustin Smith: $2mm Complaint Against RBC Advisor

A recent investor complaint against Naples, Florida financial advisor Dustin Smith (CRD# 2803156) alleges that his advice resulted in seven-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker with and an investment advisor with Citizens Securities, having previously been registered with RBC Capital Markets.

Mr. Smith’s BrokerCheck report discloses two investor complaints. The most recent, filed in December 2025, alleges that as a representative of RBC Capital Markets, he “invested the entirety of [the claimants’] retirement assets in illiquid structured notes.” The pending complaint alleges damages of $2 million.

An earlier investor complaint, filed in in 2013, alleged that as a UBS Financial Services representative, he failed to follow instructions relating to premium payments on a life insurance policy, resulting in the policy’s lapse and the loss of a death benefit. The complaint alleged damages of $330,000 and was denied by the firm.

For reference, FINRA rules require brokers-dealers and their representatives, like Mr. Smith, to follow the suitability standard. As outlined by FINRA Rule 2111, this rule states that they may only recommend their customers invest in products and strategies that are appropriate for the customers’ individual investment profiles. This includes factors such as the client’s investment goals, investment experience, liquidity needs, age, net worth, risk tolerance, and income. The suitability standard is similar to but distinct from the fiduciary standard followed by investment advisers, which requires placing the investor’s interests above the adviser’s. FINRA Rule 2010, meanwhile, states that FINRA-associated brokers must “observe high standards of commercial honor and just and equitable principles of trade.” Various forms of unethical conduct, including the failure to follow a customer’s directions, constitute violations of FINRA Rule 2010, provided the activities occur “in the conduct of [the member’s] business.” Brokers who violate Rule 2010 may be found liable for damages in the event of losses.

According to the Financial Industry Regulatory Authority, Dustin Smith holds 29 years of securities industry experience. Based in Naples, Florida, he has been registered as a broker with and an investment advisor with Citizens Securities since January 2025. His past registrations include RBC Capital Markets and UBS Financial Services. His credentials include the passage of six securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Sales Supervisor – General Module Examination, or Series 10; the General Securities Sales Supervisor – Options Module Examination, or Series 9; the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; and the General Securities Representative Examination, or Series 7. He holds 98 state licenses. (Information current as of February 1, 2026.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.