FINRA Bars Dustin Shaffer after Allegations of Borrowing Money from Elderly Client
According to a Letter of Acceptance, Waiver and Consent (AWC) on December 3, the regulator has barred Dustin Paul Shafer (CRD # 4198962) in connection with an investigation into whether Shafer borrowed money from a customer. FINRA staff requested that Shafer appear for on-the-record testimony and he apparently refused the request in violation of FINRA rules.
Shafer’s broker report indicates a pending regulatory event on December 22, 2020 by the State of Illinois Securities Department alleging that Shafer “Borrowed over $55,000 from one of his eldery clients, an Illinois resident.”
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.
He reportedly has 17 disclosure events on his broker report including 8 customer complaints, 1 employment separation in 2020, and 6 judgments.Two of the complaints are still pending, according to his broker report.
Filing a Complaint against your Brokerage Firm
Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules.
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 foregoing information, which is all publicly available, is being provided by The White Law Group.
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. For more information, please visit our website, www.whitesecuritieslaw.com.