Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker David Francis LaGrange (also known as David LaGrange) [CRD: 4200976, Winterset, Iowa]. LaGrange has been registered with Moloney Securities Co. Inc. since July 31, 2012, and has over 24 years of experience in the securities industry.
Recent disclosures reveal concerns about LaGrange’s conduct, including regulatory actions by the U.S. Securities and Exchange Commission (SEC) and multiple client disputes alleging suitability violations and negligence.
On September 27, 2024, the U.S. Securities and Exchange Commission (SEC) filed a cease-and-desist order against Moloney Securities Co. Inc., Donald R. Hancock, David F. LaGrange, and Laura B. Barnes (SEC Case No. 3-22217). The SEC alleged that LaGrange and his firm failed to comply with Regulation Best Interest (Reg BI) in connection with recommendations of GWG Holdings Inc. L Bonds to retail clients between June 30, 2020, and January 15, 2022.
According to the SEC, L Bonds were high-risk investments that were only suitable for investors with substantial financial resources and no need for liquidity. Despite these risks, LaGrange allegedly failed to exercise reasonable diligence and recommended these products to clients without having a reasonable basis to believe the investments were in their best interest. Furthermore, the SEC stated that Moloney Securities failed to establish adequate policies and procedures to mitigate conflicts of interest related to the sale of L Bonds.
As a result of the SEC’s findings, LaGrange agreed to a negotiated settlement on a neither admit nor deny basis. The sanctions included a cease-and-desist order, censure, and fine of $12,500.
A client of Moloney Securities Co. Inc. filed a client dispute alleging suitability violations and negligence related to corporate debt investments. The client is seeking $72,000 in damages. This dispute is currently pending resolution.
LaGrange responded to the claim, stating, “I refute the allegations of the claims.”
A second client dispute was filed against Moloney Securities Co. Inc., also alleging suitability violations and negligence. The client is requesting $38,000 in damages. This case remains pending.
LaGrange again denied the claims, stating, “I refute the allegations of the claims.”
Looking for more information about David LaGrange? If so, reach out to Soreide Law Group online or at (888) 760-6552 to consult with a securities lawyer. Soreide Law Group works on a contingency basis, advances all costs, and assists investors across the country with recovering losses from sales practice misconduct. LaGrange and Moloney Securities Co. Inc. deny accusations of sales practice violations.
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