Securities Arbitration Lawyer Blog
**Update 4/14/2021** Iorio Altamirano LLP is currently investigating Newbridge Securities Corporation, Money Concepts Capital Corp, and Dustin Shafer for recommending that clients invest in private placement securities issued by GPB Capital. The GPB funds, which are private securities offerings exempt from registration with the Securities and Exchange Commission (SEC), are inherently risky investments. These investments are suitable only for highly sophisticated investors who understand the risks and can afford a significant monetary loss. Unfortunately, many brokerage firms and brokers sold the GPB Capital securities to retirees and unsophisticated investors because they paid a high up-front commission.
If you have suffered financial losses as a result of any of the following GPB private placement offerings, contact Iorio Altamirano LLP for a free and confidential review of your legal rights:
- GPB Automotive Portfolio, LP
- GPB Cold Storage LP
- GPB Holdings, LP
- GPB Holdings II, LP
- GPB Holdings III, LP
- GPB Holdings Qualified, LP
- GPB NYC Development, LP
- GPB Waste Management Fund, LP
Original Post:
Springfield, IL Financial Advisor Dustin P. Shafer BARRED by FINRA After Allegedly Borrowing Money from an Elderly Customer
FINRA has barred stockbroker Dustin Paul Shafer from the securities industry. FINRA handed down the expulsion because Mr. Shafer refused to appear for on-the-record testimony with FINRA in connection with FINRA’s investigation into whether Mr. Shafer borrowed money from a customer. Mr. Shafer was a financial advisor at Newbridge Securities Corporation from September 2019 until the firm fired him in November 2020, alleging that he borrowed money from an existing client.
On December 22, 2020, the State of Illinois Securities Department issued a temporary order prohibiting Mr. Shafer from offering or selling securities in or from the State of Illinois, alleging that he borrowed over $55,000 from one of his elderly clients.
Mr. Shafer has also been the subject of six customer complaints related to non-traded REITs while employed by the following firms:
- Newbridge Securities Corporation in Springfield, IL from September 2019 through November 2020; and
- Money Concepts Capital Corp in Springfield, IL from June 2008 through July 2019.
If you have suffered financial losses investing with Dustin P. Shafer or suspect that Ms. Shfaer did not have your best interest in mind when recommending investments, including REITs, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.
Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as Ameriprise Financial Services.
FINRA Letter of Acceptance, Waiver, and Consent No. 2020068114401
Dustin Shafer and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on January 7, 2021, after Shafer refused to appear for on-the-record testimony that was requested pursuant to FINRA Rule 8210.
On December 3, 2020, in connection with an investigation into whether Mr. Shafer borrowed money from a customer, FINRA requested that he appear for on-the-record testimony. Mr. Shafer reportedly responded by email that he acknowledged receipt of FINRA’s request but will not appear for on-the-record testimony at any time.
By refusing to appear for on-the-record testimony, Mr. Shafer violated FINRA rules 8210 and 2010. Accordingly, FINRA barred him from associating with any broker-dealer in all capacities.
According to public records, Mr. Shafer allegedly borrowed over $55,000 from one of his elderly clients. These allegations are serious. Elderly investors are vulnerable to fraudulent schemes. If the allegations are true, Mr. Shafer should be permanently barred from the securities industry.
Customer Complaints: Non-Traded Real Estate Investment Trusts (REITs)
Dustin Shafer was in the securities industry for 19 years and was first registered with Edward Jones in 2000. He has also been registered with Banc One Securities Corporation (2003 – 2005), Chase Investment Services Corp (2005 – 2008), Money Concepts Capital Corp (2008 – 2019), and Newbridge Securities Corporation (2019 – 2020).
According to his BrokerCheck Report, which contains disclosures about past customer complaints, Mr. Shafer has been the subject of six customer complaints related to Non-Traded Real Estate Investment Trusts (REITs). Out of the six customer complaints, only one customer filed a securities arbitration. That customer appears to be the only customer that received financial compensation.
The other five customers appear to have complained directly to Money Concepts Capital Corp, and the firm unilaterally denied any wrongdoing.
Investors should be aware that filing a securities arbitration complaint is not the same as filing a complaint directly with a brokerage firm or event through FINRA’s Investor Complaint Center. If an investor is seeking monetary compensation, the investor must initiate a securities arbitration through FINRA Dispute Resolution Services.
Securities arbitration is a unique and complex practice area. Investors should seek out experienced counsel who understands the FINRA forum and can navigate the arbitration process to effectively advocate on their behalf.
If you or a loved one were a customer of Dustin Shafer and either sustained financial losses or suspect inappropriate activity, contact Iorio Altamirano LLP for a free and confidential evaluation.
Newbridge Securities Corporation and Money Concepts Capital Corp – Supervisory Duties
Brokerage firms like Newbridge Securities Corporation and Money Concepts Capital Corp must properly supervise financial advisors and customer accounts. Proper supervision of senior investors’ accounts is especially critical. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as elder abuse and suitable investment recommendations, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to supervise their financial advisors or the investment account activity sufficiently, they may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
If you have lost money with financial advisor Dustin Shafer, Newbridge Securities Corporation and Money Concepts Capital Corp, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.