Dustin Shafer, Former Money Concepts Broker, Alleged To Have Recommended GPB Capital

Dustin Shafer (Dustin Paul Shafer) is a currently-registered broker employed by Newbridge Securities Corporation (CRD# 104065) in Springfield, Illinois. He previously worked for Money Concepts Capital Corp (CRD# 12963), Chase Investment Services Corp (CRD# 25574), Banc One Securities Corporation (CRD# 16999), and Edward Jones (CRD# 250). Shafer has been in the industry since 2000.

Dustin Shafer Disclosures

Dustin Shafer’s publicly-available FINRA BrokerCheck report lists 14 disclosures, which includes 8 customer disputes and 6 judgements/liens:

June, 2020: Clients alleged “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.” No damages amount was given, and the dispute is pending as of this writing.

January, 2020: A customer alleged that an “investment was not explained and that he was guaranteed a monthly dividend. Customer also alleges losses due to a devaluation of the offering.” $175,000 in damages are requested and the dispute is pending as of this writing.

January, 2020: A customer who purchased alternative investments starting in 2013 alleges they were misrepresented and “violation of Illinois securities laws, breach of fiduciary duty, negligence and violation of FINRA rules.” $454,000 in damages are requested. The dispute is pending as of this writing.

September, 2019: A customer alleged that the registered representative (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.” $90,000 in damages were requested, and the claim was denied.

September, 2019: A customer alleged that a 2014 investment was not suitable and that they were not informed it was illiquid.” $19,834 in damages were requested. The claim was denied.

May, 2019: A customer alleged that “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.” The dispute was closed with no action.

October, 2018: A $15,112 tax lien is recorded on Shafer’s record.

April, 2017: A customer dispute states that “Customer’s daughter alleges RR recommended bad investment and is stalling on redeeming her father’s account.” $75,000 in damages were requested and the dispute was closed with no action.

March, 2017: A $10,000 civil judgement/lien is listed on Shafer’s record. The broker comment states “I believe it was disclosed to my prior firm and assumed it didn’t need disclosed as a new judgment.”

March, 2017: A $71,285 tax lien is listed on Shafer’s record.

February, 2016: A $12,704 tax lien is listed on Shafer’s record.

March, 2015: A $14,335 tax lien is listed on Shafer’s record.

September, 2014: A $31,711.32 tax lien is listed on Shafer’s record.

June, 2007: A 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.” $15,364.80 in damages were requested. The claim was denied.

Non-Traded REITS Cause Of Disputes

Multiple customer disputes against Shafer involve REITS (real estate investment trusts) and non-traded REITS. Non-traded REITS are not traded on a national exchange and involve significant risks, including high fees that can reduce the investor’s return, lack of access to the investment for years, and distribution payments that are subsidized by borrowed funds and include return of investor’s principal.

Dustin Shafer Alleged To Have Recommended GPB Capital

It has been alleged that Dustin Shafer recommended that his clients purchase private placements in GPB Capital Holdings, an alternative investment management company that has stopped paying dividends to investors, is accused of being a Ponzi scheme, and is under investigation by federal and state agencies.

In 2019 GPB announced that its biggest funds, GPB Holdings II and GPB Automotive, declined by 25% and 39%. Because the investment is illiquid, investors have no choice but to hold and risk more loss.

Contact Silver Law Group To Discuss Recovering Investment Losses

If you have investment losses with Dustin Shafer, Money Concepts, non-traded REITS, or GPB Capital, contact Silver Law Group for a no-cost consultation.

Silver Law Group represents investors in FINRA arbitration cases related due to stockbroker misconduct and other causes. Our firm has filed arbitration claims against broker-dealers who sold GPB, such as SagePoint Financial, and has extensive experience recovering losses from non-traded REITs.

Scott Silver, Silver Law Group’s managing partner, is the chairman of the Securities and Financial Fraud Group of the American Association of Justice and represents investors nationwide in securities and investment fraud cases. Contact Scott Silver at ssilver@silverlaw.com or toll free at (800) 975-4345.