Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Alfred Vanderlaan (Vanderlaan), previously associated with Westpark Capital, Inc., has at least 6 disclosable events. These events include 5 customer complaints, one regulatory, alleging that Vanderlaan recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on January 22, 2025.
Without admitting or denying the findings, Vanderlaan consented to the sanctions and to the entry of findings that he willfully violated Rule 15l-1(a)(1) of the Exchange Act (Reg BI) by recommending that two retail customers invest in speculative, unrated corporate bonds that were not in their best interests based on their investment profiles. The findings stated that the customers’, one of whom was a senior, stated investment objective was growth and income, and it did not include speculation. Vanderlaan’s recommendations were not in the customers’ best interest based on their investment profiles, including their moderate risk tolerance, in light of the high degree of risk associated with the bonds. Vanderlaan received a total of $6,508 in commissions in connection with his recommendations.
