Investors Blame Money Concepts For Omissions
Dustin Paul Shafer of Boca Raton Florida a stockbroker formerly registered with Money Concepts Capital Corp. is referenced in a customer initiated investment related written complaint on September 30, 2019 where the customer requested $90,000.00 in damages founded on accusations that (1) the customer was placed into an unsuitable real estate investment trust product by Shafer and (2) the customer was deprived of information by Shafer in regards to the illiquidity of the investment.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Shafer has been identified in four more customer initiated investment related disputes containing allegations of his misconduct during the period in which he was associated with securities broker dealers including Chase Investment Services Corp and Money Concepts Capital Corp. In particular, a customer filed an investment related complaint involving Shafer’s activities in which the customer sought $15,364.80 in damages based upon accusations that omissions had been made by the stockbroker concerning the penalties and charges to be assessed upon the liquidation of the customer’s annuity and subsequent purchase of investments in a managed account.
On April 10, 2017, another customer filed an investment related complaint in regard to Shafer’s conduct where the customer requested $75,000.00 in damages supported by allegations of bad advice being provided to the customer regarding a real estate security purchase; and the failure to execute the customer’s instructions of liquidating assets from the investment portfolio while Shafer was employed by Money Concepts Capital Corp. Also, Shafer is the subject of a customer initiated investment related complaint on May 2, 2019 in which the customer sought $26,583.00 in damages founded on accusations of Shafer effecting the sale of an inappropriate non-traded real estate investment trust product which had poorly performed.
On September 26, 2019, yet another customer filed an investment related complaint concerning Shafer’s activities where the customer requested $19,834.00 in damages based upon allegations that when Shafer was associated with Money Concepts Capital Corp, the real estate security product sold by him was unsuitable given the customer’s liquidity needs.
Shafer’s registration with Money Concepts Capital Corp has been terminated as of July 25, 2019. Since September 4, 2019, he has been employed by Newbridge Securities Corporation.