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Investor Claims Attorneys Investigate Dustin Shafer

Investor Claims Attorneys Investigate Dustin Shafer

Investor Claims Attorneys Investigate Dustin Shafer

Since 2020, at least six customers of financial advisor Dustin Shafer of Springfield, Illinois have filed complaints alleging sales practice violations.  According to FINRA Brokercheck, the allegations against Shafer include that he sold unsuitable investments and that he misrepresented and omitted material information when discussing investments with customers. Five of the cases against Shafer have settled. Shafer was most recently associated with the brokerage firm Newbridge Securities Corporation. Prior to that, he was associated with Money Concepts Capital Corp.

Misrepresentations and Omissions

There are a multitude of state and federal statutes that make it unlawful to mislead and defraud investors in connection with the purchase or sale of securities. The best known of these laws is Section 10(b) of the Securities Exchange Act of 1934, which is a federal statute. Each of the 50 States has its own set of securities laws, known as “blue sky” laws. Many States have modeled their blue sky laws on the Uniform Securities Act, which contains a variety of different civil liability provisions relating to misrepresentations and omissions.

Suitability / Regulation Best Interest

Financial advisors have a duty to recommend suitable investments and investment strategies to their clients and otherwise act in their clients’ best interests. A recommendation is only suitable if it comports with the client’s investment objectives, risk tolerance, investment experience, investment time horizon, liquidity needs, and income needs. Together these considerations form the investor’s unique “investment profile.” The duty to recommend suitable investments cannot be disclaimed through risk disclosures or waivers.

Need Assistance?

If you have suffered investment losses as a result of the malpractice or misconduct of Dustin Shafer, our experienced team of investment fraud attorneys may be able to assist you in recovering some or all of your losses. Call us toll-free at 888-607-4819 for a free consultation or email us through our “Contact” page to schedule a free consultation.