In a recent article from the Des Moines Register, the U.S. Securities and Exchange Commission (SEC) recently settled cases with brokers, David F LeGrange and Laura B Barnes, of Bridges Financial, of Winterset, Iowa.
According to the settlement, David F LeGrange and Laura B Barnes agreed to pay fines after the SEC accused them of selling risky securities to their clients. The two sold approximately $4.4 million worth of "speculative" corporate bonds offered by GWG Holdings Company.
The Register article stated that LeGrange and Barnes sold some of the bonds even after GWG officials disclosed doubt about their ability to operate. Five months after that disclosure, GWG filed for Chapter 11 bankruptcy with about $2 billion of debt. Many customers are still waiting to get some of their money back. The SEC accused Barnes and LeGrange of violating the federal care obligation, which requires brokers to "exercise reasonable diligence, care and skill" when making recommendations. According to the article, David F LeGrange and Laura B Barnes are representatives of Moloney Securities.
According to the SEC, David LeGrange sold about $3.7 million worth of GWG's bonds. As part of his recent settlement, LeGrange will pay about $35,000. About $20,000 of that is disgorgement, representing the commissions he earned selling the bonds. Laura B Barnes, meanwhile, sold about $634,000 worth of GWG's bonds. She agreed to pay $27,000, including $13,000 in disgorgement.
Bridges Financial is located Winterset, Iowa. According to the company's website, David F LeGrange purchased the company in 2007.
According to FINRA’s BrokerCheck, David F LeGrange, has been registered in the securities industry for 24 years and has been listed with 4 firms. BrokerCheck currently has him listed with MOLONEY SECURITIES CO., INC. of Winterset, Iowa, as a broker since 7/31/2012, and as a financial advisor since 2/23/2016 with MOLONEY SECURITIES ASSET MANAGEMENT LLC also of Winterset, Iowa.
Laura B Barnes, according to BrokerCheck, has been listed in the securities industry for 19 years and has been listed with 2 firms. Barnes is currently listed as a broker with MOLONEY SECURITIES CO., INC. of Winterset, Iowa, since 7/31/2012.
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