Recently, financial advisor and established broker Dan Lundquist, known for his impressive tenure in the securities industry, has faced scrutiny over allegations of financial misrepresentation. These unsettling charges highlight the critical importance of integrity in investment dealings.
The Accusations Against Dan Lundquist
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Dan Lundquist (CRD# 2784929), a highly experienced financial advisor based in Elgin, Illinois, has recently come under fire due to a formal investor complaint lodged against him. The afore-referenced complaint alleges breaches of fiduciary duty and serious misrepresentation of material facts related to an investment in GWG L bonds, as shown in Financial Industry Regulatory Authority (FINRA) records.
Maintaining positions as both a broker and an investment advisor, Lundquist has established a reputable career with Ausdal Financial Partners. However, this complaint, filed in September 2023, may cast a shadow over his illustrious tenure. The investor accuses Lundquist of negligent conduct, breaching contracts, and violating the SEC’s Regulation Best Interest concerning the GWG L bonds investment. A highly contentious matter, the cited damages range from $50,000 to $100,000, reflecting the profound nature of this pending complaint.
Understanding the Implications of Misrepresentation
Within the financial industry, misrepresentation of investment-related material facts is not taken lightly, with FINRA Rule 2020 explicitly prohibiting such practice. The rule states a broker cannot “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” With misinformation, investors can face significant losses, and brokers responsible may be held liable for the ensuing damages.
Lundquist’s Wealth of Experience
Possessing an impressive 27 years of hands-on experience within the securities industry, Dan Lundquist’s career spans a lengthy tenure with well-regarded financial institutions. Since 2011, he has held influential roles at Ausdal Financial Partners. Lundquist also boasts an impressive registration history, including Linx Financial (Northbrook, Illinois; 2010-2011), NRP Financial (Northbrook, Illinois; 2006-2010), AXA Advisors (Northbrook, Illinois; 1996-2006), the Equitable Life Assurance Society of the United States (New York, New York; 1996-2000), and Citicorp Investment Services (Long Island City, New York; 1996).
Further bolstering his accomplished career, Lundquist holds a range of qualifying securities industry examination passes including the General Securities Representative Examination (Series 7), Securities Industry Essentials Examination (SIE), the Uniform Securities Agent State Law Examination (Series 63), and the Uniform Investment Adviser Law Examination Series 65. Today, he continues his dedicated work backed by 20 state licenses, a testament to his professional standing.
If you or your loved ones have experienced financial losses due to the actions of financial advisors or investment firms, Haselkorn & Thibaut are ready to assist. Offering a complimentary and confidential consultation, you can reach us at 1-800-856-3352 or submit a query through our contact form. We are committed to delivering justice for investors across the United States, dealing with a range of cases against financial advisors and investment firms.
