Broker Dustin Smith Subject Of Two Customer Disputes

Broker Dustin Smith (Dustin Allen Smith CRD# 2803156) is a registered broker and investment advisor currently employed with Citizens Securities, Inc. (CRD# 39550) of Naples, FL 34103. He was previously employed with Citizens Private Wealth (CRD# 106743, investment advisor only) of Tarrytown, NY, RBC Capital Markets, LLC (CRD# 31194) of Naples, FL, and UBS Financial Services Inc. (CRD# 8174), also of Naples.  He has been in the industry since 1996.

Smith is the subject of two disclosures. The most recent, filed on 12/2/2025, is a customer dispute alleging that Smith invested all his clients’ retirement assets in “illiquid structured notes.” They request damages of $2M. No additional information is available, and this claim is pending.

In a previous client dispute dated 10/16/2013, the client alleged that due to an incorrect address and failures to update, the client’s policy lapsed, and they missed a death benefit. They requested damages of $330,000.00 and were denied by the firm and refuted by Smith.

Structured Notes Involve Risks

Structured note investments are intended for seasoned investors who want to diversify while understanding and accepting the inherent risk. They are not intended for investors who are seeking a safe, steady income in their retirement with a conservative and low-risk investment strategy.

Structured notes are a “compounded” investment issued by banks and based on derivatives. It consists of a bond, or a loan you give to the issuer, and the derivative that determines its outcome. This note is then connected to a derivative, like an index or individual stock. The intent is for an investor to benefit from a potential upside while having some protection from its potential downside. However, they can also be expensive, as there are considerable fees involved that can eat into any returns.

Unlike investing in individual stocks or other investments, structured notes also lack liquidity. That is, should you decide that you want to un-invest, you generally can’t sell it because there isn’t a secondary market. Your only choice will likely be to resell it to the issuer for a greatly reduced rate. In that case, you will likely not recover much of your investment, if any.

Another scenario is if the issuer’s creditworthiness is in question, including a credit risk. If it experiences problems or folds, not only will you lose your investment, but you may also have to pay taxes.

There’s additional call risk should the issuer decide to redeem the note early. The investor will receive much less than the investment is worth, as the issuer will only offer as much as it wants. Additionally, the investor will be responsible for any federal taxes on this note, whether or not it matures or you receive any cash.

Smith’s investment of all the clients’ funds into structured notes was not in the best interest of the client. As with any investment your broker recommends, research, ask questions and get answers before investing any money into something new. Don’t be afraid to question your broker or seek another option before any investment.

Did You Invest With Dustin Smith? 

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.