Sagepoint Financial Broker, Timothy Vanlohuizen, Has Six Disclosed Customer Complaints Alleging Various Sales Practice Violations
Timothy Jan Vanlohuizen (CRD # 2166867) is a Financial Advisor at Sagepoint Financial, Inc. in Coeur d’Alene, ID. Timothy Vanlohuizen has been in the securities industry since 1991 and previously worked at SunAmerica Securities, Inc., Multi-Financial Securities Corporation and Waddell & Reed, Inc.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Timothy Vanlohuizen has six disclosed customer complaints. Among the customer complaints are the following:
• May 2019 – “NEGLIGENCE, SUITABILITY, MISREPRESENTATION AND BREACH OF FIDUCIARY DUTY CLAIMS RELATED TO ALLEGED SALES OF PRECIOUS METALS AND OIL AND GAS INVESTMENTS.” Alleged damages are $350,000, and the matter is currently pending.
• November 2018 – “Customer alleges that representative poorly managed retirement account and gave poor advice as to the sustainability of the account once regular withdrawals were initiated.” The matter settled for $25,000.
• December 2016 – “ALLEGED UNSUITABLE INVESTMENTS.” The matter settled for $114,000.
• August 1999 – “CLAIMANTS ALLEGED, ON MY ADVICE, THAT SHE TAKE MONEY OUT OF HER MUTUAL FUNDS (9/16/1994 – [CUSTOMER] AND 02/15/1995 – [OTHER CUSTOMER NAME]) AND LOAN MONEY TO ANOTHER PARTY. THE LOAN TO BE SECURED BY A DEED OF TRUST.” An arbitration panel awarded the Claimants $44,100.
For a copy of Timothy Vanlohuizen’s CRD, click https://brokercheck.finra.org/individual/summary/2166867#disclosuresSection.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org.
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