There are options for clients of Westpark Capital, Inc. former broker Alfred Vanderlaan (CRD# 1172406), who suffered GWG Holdings Inc. L Bonds losses. Hewas registered with Westpark Capital, Inc. in Watertown, South Dakota, from 2019 to 2022, and with Sandlapper Securities, LLC in Watertown, South Dakota, from 2011 to 2019.
In April 2013, the State of South Dakota Department of Labor and Regulation Division of Securities sanctioned him to pay a $1,500 civil and administrative penalty following allegation regarding, “failure to obtain proper approval from firm before using any type of advertising regarding the offer or sale of securities.”
Alfred Vanderlaan Customer Complaints
He has been the subject of 13 customer complaints between 2009 and 2023, four of which were closed without action and two were denied, according to his CRD report. The most recent complaints were regarding:
September 2023. “Breach of Contract and warranties, promissory estoppel, Violation of State Securities Statutes, Breach of Fiduciary Duty, and Misrepresentation.” The customer is seeking $100,000 in damages, and the case is currently pending. The complaint was regarding GWG Holdings Inc. L Bonds losses, and it took place while he was registered with Westpark Capital, Inc.
July 2023. “Negligence, Misrepresentation and Omissions of Material Fact, Breach of Fiduciary Duty, Failure to Supervise, and unsuitability.” The customer is seeking $40,000 in damages, and the case is currently pending. The complaint was regarding GWG Holdings Inc. L Bonds losses, and it took place while he was registered with Westpark Capital, Inc.
June 2023. “Claimants allege that in 2020 the clients renew their GWG L Bonds. They allege Breach of Fiduciary Duty, Negligence, Negligent Misrepresentation, Breach of Contract, Failure to Supervise, and Violation of Reg BI.” The customer is seeking $105,000 in damages and the case is currently pending. The complaint was regarding GWG Holdings Inc. L Bonds losses, and it took place while he was registered with Westpark Capital, Inc.
June 2023. “Breach of fiduciary duty, negligence, Breach of Contract, Failure to supervise, and Negligence – Violation of Regulation Best Interest.” The customer is seeking $50,000 in damages, and the case is currently pending. The complaint was regarding GWG Holdings Inc. L Bonds losses, and it took place while he was registered with Westpark Capital, Inc.
March 2023. “The SOC alleges that Claimant was recommended to invest in an unsuitable investment, and that WestPark, through its registered rep, failed to disclose materials and failed to properly supervise the rep.” The customer is seeking $315,000 in damages, and the case is currently pending. The complaint was regarding GWG Holdings Inc. L Bonds losses, and it took place while he was registered with Westpark Capital, Inc.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Westpark Capital, Inc. may be liable for investment or other losses suffered by Alfred Vanderlaan’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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