Alfred Sietze Vanderlaan (also known as Al Vanderlaan), of Watertown, South Dakota, a stockbroker registered with Westpark Capital Inc., is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested between $100,000.00 and $500,000.00 in damages based upon allegations that Vanderlaan violated state securities statutes, breached a contract, made misrepresentations of material fact, and breached his fiduciary duty in connection with the sale of GWG Holdings Class L-Bonds during the time that Vanderlaan was associated with Westpark Capital Inc. FINRA Arbitration No. 23-02613 (September 26, 2023).
FINRA Public Disclosure shows that Vanderlaan is referenced in twelve (12) other customer initiated investment related disputes concerning Vanderlaan’s conduct while associated with securities broker dealers. On May 1, 2014, a customer initiated investment related FINRA securities arbitration claim involving Vanderlaan’s conduct was settled for $25,000.00 in damages based upon allegations that Vanderlaan breached his fiduciary duties, defrauded the customer, was negligent, made misrepresentations of material fact, and breached a contract in connection with the sale of non-traded REITs when Vanderlaan was associated with Capwest Securities Inc. FINRA Arbitration No. 13-01333.
On September 6, 2013, a different customer initiated investment related FINRA securities arbitration claim involving Vanderlaan’s conduct was settled for $50,000.00 in damages based upon allegations that Vanderlaan engaged in breached a contract, breached a fiduciary duty, was negligent, and violated securities laws in connection with the sale of oil and gas investments and real estate securities during the time that Vanderlaan was associated with Capwest Securities Inc. FINRA Arbitration No. 10-01255.
Vanderlaan is also referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $315,000.00 in damages based upon allegations that Vanderlaan made unsuitable recommendations and made omissions of material fact in connection with the sale of GWG products when Vanderlaan was associated with Westpark Capital Inc. FINRA Arbitration No. 23-00613 (March 21, 2023). The claim also alleged that the securities broker dealer failed to supervise the stockbroker.
On June 16, 2023, an additional customer filed an investment related FINRA securities arbitration claim involving Vanderlaan’s conduct in which the customer requested $50,000.00 in damages based upon allegations that Vanderlaan breached his fiduciary duties, breached a contract, and was negligent in connection with the sale of GWG Holdings Class L Bonds during the time that Vanderlaan was associated with Westpark Capital Inc. FINRA Arbitration No. 23-01745.
Vanderlaan is also referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $105,000.00 in damages based upon allegations that Vanderlaan breached his fiduciary duties, was negligent, made misrepresentations of material fact, breached a contract, and made unsuitable recommendations in GWG Holdings Class L Bonds. FINRA Arbitration No. 23-01873 (June 30, 2023).
On July 28, 2023, a customer filed an investment related FINRA securities arbitration claim involving Vanderlaan’s conduct in which the customer requested $40,000.00 in damages based upon allegations that Vanderlaan was negligent, made misrepresentations and omissions of material fact, breached his fiduciary duties, and made unsuitable recommendations in GWG Holdings Class L Bonds when Vanderlaan was associated with Westpark Capital Inc. FINRA Arbitration No. 23-02087.
Vanderlaan was associated with Westpark Capital Inc. in Watertown, South Dakota from May 20, 2019, to June 2, 2022.
