Dustin Shafer

Date:

February 5, 2021

Type of alert:

FINRA AWC  

General securities representative Dustin Shafer of Springfield, Illinois consented to a bar from associating with any member firm of the Financial Industry Regulatory Authority (FINRA) for refusing to appear for on-the-record testimony pursuant to FINRA Rule 8210.

Shafer has been associated with five FINRA member firms since 2000, including Money Concepts Capital Corp in Springfield, Illinois where he was registered from June 2008 to July 2019. Most recently, Shafer was associated with Newbridge Securities Corporation (NSC) from September 2019 until November 2020 when the firm discharged him on allegations that he borrowed over $55,000 from an existing client without prior approval from NSC, in violation of firm policies.

When NSC disclosed his termination and the allegations on his Form U5, FINRA Department of Enforcement staff requested that Shafer appear for on-the-record testimony. In a statement sent to FINRA staff on December 11, 2020, Shafer acknowledged that he received FINRA’s request and will not appear for testimony at any time. Thus, Dustin Shafer violated FINRA Rule 8210 and 2010.

Without admitting or denying any allegations made by his former employer, Shafer consented to a bar from associating with any FINRA member firm in any capacity to resolve the FINRA violation.

Shafer’s FINRA BrokerCheck report reveals two pending customer disputes in which the customers alleged misrepresentation, breach of fiduciary duty, and negligence. Damages requested are $175,000 and $454,000.

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