David LaGrange: Ex-Moloney Advisor Faces $577K GWG Complaint

A recent investor complaint against Winterset, Iowa financial advisor David LaGrange (CRD# 4200976) alleges that his advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Berthel Fisher, having previously been registered with Moloney Securities.

Mr. LaGrange’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in December 2025, alleges that as a representative of Moloney Securities, he acted negligently and recommended an unsuitable investment in a GWG L bond. The pending complaint alleges damages of $577,239.

A second investor complaint, filed in 2024, alleged that as a Moloney Securities representative, he acted negligently and unsuitably recommended a GWG L bond. In September 2025 the complaint reached a settlement of $32,500.

A third investor complaint, filed in 2024, similarly alleged unsuitability and negligence in his advice as a representative of Moloney Securities. In 2025 the complaint reached a settlement of $17,500.

A fourth disclosure on his BrokerCheck report concerns an SEC sanction against him. Filed in September 2024, it alleged that “failed to exercise reasonable diligence, care, and skill to understand the potential risks, rewards, and costs associated with the recommendations” of investments in GWG L Bonds. He was censured and ordered to pay a fine of $12,500, as well as disgorgement of $20,442.

According to the Financial Industry Regulatory Authority, David LaGrange holds 25 years of securities industry experience. Based in Winterset, Iowa, he has been registered as a broker and an investment advisor with Berthel Fisher since 2025. His past registrations include Moloney Securities and Eagle One Investments. His credentials include the passage of three securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the General Securities Representative Examination, or Series 7. He holds 24 state licenses. (Information current as of January 17, 2026.)

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