Advisor Dustin Shafer (Shafer), currently employed by Newbridge Securities Corporation (Newbridge Securities), has been subject to at least seven customer complaints and two tax liens or judgement during the course of his career. According to a BrokerCheck report one of the customer complaints concern alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.
In January 2020 a customer complained that Shafer violated the securities laws by alleging that Shafer engaged in sales practice violations related to recommending an investment that was not explained and that was guaranteed a montly dividend. The claim alleges $175,000 and is currently pending.
In January 2020 a customer complained that Shafer violated the securities laws by alleging that Shafer engaged in sales practice violations related to recommending alternatives investment beginning in 2013 that were misrepresented. The claim alleges violations of Illinois securities laws, breach of fiduciary duty, negligence, and violation of FINRA rules. The claim alleges $454,000 in damages and is currently pending.