Crunching numbers and analyzing financial matters is overly complex for most people. You’d like to believe that professionals in the field have your back and work in your best interest. Perhaps no more so than stockbrokers who are responsible for managing a large portion of your hard-earned money. However, violations of securities laws can lead to severe investor losses, and no one would want this unsettling experience. Unfortunately, South Dakota-based securities broker Alfred Sietze Vanderlaan (aka Al Vanderlaan) has raised concerns in this regard.
Who is Al Vanderlaan?
Alfred Vanderlaan, CRD# 1172406, has been in the securities industry since 1984. His employment history shows a stint with Westpark Capital Inc. that lasted from May 20, 2019, to June 2, 2022. Before this, he worked with Sandlapper Securities LLC from August 26, 2011 to April 24, 2019. With so many years under his belt, he has much to account for, but some recent claims have drawn attention to his practices.
What’s the Beef with Vanderlaan?
Recent allegations against Vanderlaan have been quite severe and without letting the grass grow under its feet, Financial Industry Regulatory Authority, or FINRA, has stepped in to investigate the matter with due diligence. Currently, Vanderlaan is facing accusations of misrepresentation, breach of fiduciary duty, violation of securities laws, and breach of contract. All these allegations involve his recommendations related to GWG L Bonds. These are some serious charges, folks, and they didn’t spring from nowhere.
Here are some of the flashpoints worth noting:
- An investor lodged a claim (FINRA Arbitration No. 23-02613) targeted at Vanderlaan. They are seeking damages within the $100-500k range.
- An arbitration claim (No. 23-02087) accuses Vanderlaan of misrepresentation, negligence, and unsuitability, with reported damages of $40,000.
- Vanderlaan faces allegations of negligence and breach of Regulation Best Interest in a separate claim (FINRA Arbitration No. 23-01873), with reported damages of $105,000.
Takeaways For Investors
These complaints are currently unresolved, and that’s anxiety-inducing for any investor. So, what should you do if you’ve suffered losses due to Vanderlaan’s actions? First, relax – and then consider reaching out to a securities attorney. They can guide you on how best to regain your investments, put you on the path to recovery, and ensure that your hard-earned assets are managed with your best interest in mind – just as it should be.
The deep dive into Al Vanderlaan’s practices is a timely reminder for investors that vigilance is key in safeguarding investments. Despite the clamor of brokers and their assurances, being proactive and regularly checking the progress and practices of your investments is essential. Transactions can be bewildering but understanding how your money moves is crucial to successful investing. After all, it’s not just about the numbers; trust, transparency, and competent practices should be fundamental components in the concoction of a successful and sustainable investment portfolio.
Finally,Vanderlaan and his former firms, Westpark Capital Inc. and Sandlapper Securities LLC, have denied the allegations related to sales practice violations. The burden of proving these violations now lies upon the claimants. The journey to the truth is often arduous and winding, and so it goes with this matter. Buckle up, folks – this tale is far from over.