The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Timothy Vanlohuizen. According to his publicly available FINRA BrokerCheck report, Timothy Vanlohuizen has been the subject of multiple customer disputes over the course of his career.
Timothy Vanlohuizen is an Idaho based securities broker. He has worked in the securities industry for twenty-seven years. During his career, he has been registered with four different securities firms.
His Registrations
- Waddell & Reed (1991-1998)
- Multi-Financial (1998-2004)
- Sunamerica Securities (2004-2005)
- Sagepoint Financial (2005-Present)
The Allegations
- In December 2016, a customer alleged that Timothy Vanlohuizen recommended unsuitable investments to them. This case was settled for $114,000 in damages.
- In April 2017, a customer alleged that Timothy Vanlohuizen provided them with inaccurate advice concerning the rollover of a defined benefit account. This case was settled for $13,000 in damages.
- In November 2018, a customer alleged that Timothy Vanlohuizen poorly managed their retirement account and gave poor advice as to the sustainability of the account once regular withdrawals were initiated. This case was settled for $25,000 in damages.
- In May 2019, a customer alleged that Timothy Vanlohuizen managed their account negligently, recommended unsuitable investments, made material misrepresentations, and breached his fiduciary duty in connection to sales of precious metals and oil and gas investments. This case is currently pending. The customer is seeking $350,000 in damages.
- In February 2020, a customer alleged that Timothy Vanlohuizen recommended unsuitable investments. This case is currently pending. The customer is seeking $100,000 in damages.
What Does This Mean?
Securities brokers are a brand of adviser known as fiduciaries. These individuals have a duty as fiduciaries to always act in their customers’ best financial interests. The main aspect of this duty is making sure the investments they recommend are actually suitable for their customers. Brokers can determine suitability by analyzing pertinent information provided to them by the investors. This includes the customer’s investment objectives, financial situation, age, risk tolerance, and liquidity needs. Each one of these factors plays a crucial role in determining if an investment might be suitable for the customer. Investors who have been placed in securities contrary to these factors can experience significant financial harm. Brokers who do this either intentionally or negligently lack the ability to do their jobs to the standard required.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Timothy Vanlohuizen, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.
