The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Dustin Shafer. According to his publicly available FINRA BrokerCheck report, Dustin Shafer has been the subject of multiple complaints over the course of his career.

Dustin Shafer is an Illinois based securities broker. He has worked in the securities industry for nineteen years. During his career, he has been registered with five different securities firms.

His Registrations

  • Edward Jones (2000-2003)
  • Banc One Securities Corporation (2003-2005)
  • Chase Investment Services Corp. (2005-2008)
  • Money Concepts Capital Corp. (2008-2019)
  • Newbridge Securities Corporation (2019-Present)

The Allegations

  • In January 2020, a customer alleged that they purchased unsuitable alternative investments on Dustin Shafer’s recommendation. The customer also alleged that Dustin Shafer violated Illinois Securities Laws, breached his fiduciary duty, managed their account negligently, and violated FINRA rules. This case is currently pending. The customer is seeking $454,000 in damages.
  • Also in January 2020, a customer alleged that Dustin Shafer failed to explain the details about an alternative investment and failed to disclose that monthly dividends were in no way guaranteed. This case is currently pending. The customer is seeking $175,000 in damages.

What Does This Mean?

The term “alternative investments” is used to describe securities that are not sold on any public securities exchanges. These types of investments are very poorly regulated due to their private nature. Some less than scrupulous brokers will use this to their advantage as it gives them ample opportunity to misrepresent these privately traded securities as safe and lucrative. The truth is that these alternative investments are actually incredibly speculative and illiquid. They are also accompanied by excessively high upfront fees that drastically lower investor principal investments.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Dustin Shafer, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.