Update on the Investigation: Dustin Shafer & Shafer Financial Group, Springfield IL
According to an SEC administrative order, on August 9, 2022 the Securities and Exchange Commission reportedly barred financial advisor Dustin Paul Shafer (CRD # 4198962) from working in the securities industry after charges by the State of Illinois alleged broker misconduct including allegations that he borrowed money from an elderly client.
According to his FINRA BrokerCheck report, Shafer was reportedly registered with Money Concepts Capital Corp. in Springfield, Illinois and Palm Beach Gardens, FL from 2008 until July 2019. More recently he was affiliated with Newbridge Securities in Springfield IL, and Boca Raton, FL. From 2008 – 2020 he was reportedly doing business as Shafer Financial Group, a purported independent agency through Money Concepts Capital Corp.
On December 22, 2020 by the State of Illinois Securities Department alleging that Shafer “Borrowed over $55,000 from one of his elderly clients, an Illinois resident.” On January 7, 2021, the Financial Industry Regulatory Authority (FINRA) barred Shafer after FINRA staff requested that Shafer appear for on-the-record testimony in its investigation of the above allegations.
Shafer reportedly has 20 disclosure events on his broker report including 11 customer complaints, 1 employment separation in 2020, 2 regulatory events and 6 judgments. One of the complaints is reportedly still pending, according to his broker report. Allegations include unsuitable investments and “failure to disclose material information.”
According to his FINRA BrokerCheck report, Shafer was reportedly affiliated with the following FINRA registered firms during his career in the securities industry, among others:
09/04/2019 – 11/04/2020, NEWBRIDGE SECURITIES CORPORATION (CRD#:104065), SPRINGFIELD, IL,
06/17/2008 – 07/25/2019, MONEY CONCEPTS CAPITAL CORP (CRD#:12963), SPRINGFIELD, IL
07/06/2005 – 05/16/2008, CHASE INVESTMENT SERVICES CORP. (CRD#:25574), SPRINGFIELD, IL
Filing a Complaint against your Brokerage Firm
The White Law Group is investigating potential securities claims involving advisor Dustin Shafer and the liability his employers may have for failure to properly supervise him. See also: Former Money Concepts Capital Advisor Dustin Shafer Barred from Securities Industry
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
If you are concerned about investments with Dustin Shafer, the securities attorneys at The White Law Group may be able to help you. For a free consultation with an attorney, please call (888) 637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle Washington. For more information, please visit our website, www.whitesecuritieslaw.com.
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