Bellingham, Washington — February 19, 2026 — Bellingham, Washington financial advisor Randall E. Duggan (CRD# 5559097) is the subject of six investor complaints and an ongoing state securities investigation, all allegedly tied to unsuitable recommendations involving GWG Holdings bonds and other high-risk products. According to the Financial Industry Regulatory Authority, Mr. Duggan was most recently registered as a broker with Berthel, Fisher & Company Financial Services, Inc. and as an investment adviser representative with BFC Planning, Inc., having transferred from Moloney Securities Co., Inc. in December 2025.
Mr. Duggan’s BrokerCheck report discloses a pending formal investigation initiated by the State of Washington Securities Division in July 2025. The investigation alleges that Moloney Securities Co., Inc. and select registered representatives may have violated the Securities Act of Washington in connection with the solicitation and recommendation of GWG Holdings L Bonds and Preferred Stock. Mr. Duggan states that he is cooperating with the relevant authorities and disputes the allegations.
Mr. Duggan’s BrokerCheck report also discloses two pending FINRA arbitration claims. The first, filed in August 2025, alleges suitability and negligence in connection with corporate debt, DPP and LP interests, and real estate securities at Moloney Securities Co., Inc. between 2017 and 2021, with alleged damages ranging from $500,000 to $900,000. The second, filed in December 2025, alleges suitability and negligence arising from a 2020 GWG bond investment at the same firm, with alleged damages of $101,000. Mr. Duggan disputes the allegations in both claims.
Mr. Duggan’s BrokerCheck report further discloses four settled FINRA arbitration claims, all alleging suitability and negligence in corporate debt and direct investment products at Moloney Securities Co., Inc. The complaints, filed between 2023 and 2024, alleged damages of $475,000, $201,000, $106,000, and $36,000 respectively, and settled in 2024 and 2025 without any admission of wrongdoing by the firm.
For reference. The core allegation across Mr. Duggan’s disclosures is unsuitable investment recommendations, which is governed by the Securities and Exchange Commission’s Regulation Best Interest, codified at 17 C.F.R. § 240.15l-1. Regulation Best Interest requires brokers to act in the best interest of the retail customer at the time a recommendation is made, taking into account the customer’s investment profile and risk tolerance. Brokers may not place their own financial interest ahead of the customer’s. Violations can result in FINRA sanctions, arbitration awards, and civil penalties.
GWG Holdings filed for Chapter 11 bankruptcy in April 2022, rendering its L Bonds effectively worthless for many investors. Regulators have focused scrutiny on brokers who recommended these speculative, illiquid products to customers for whom they were unsuitable. Investors who suffered losses may be entitled to pursue recovery through FINRA arbitration. Successful claims for fiduciary duty violations or broker misconduct can result in recovery of principal and consequential damages.
According to the Financial Industry Regulatory Authority, Randall E. Duggan holds approximately 17 years of securities industry experience. He is based in Bellingham, Washington, and has been registered with Berthel, Fisher & Company Financial Services, Inc. and BFC Planning, Inc. since December 2025, following a nearly decade-long tenure at Moloney Securities Co., Inc. Prior to Moloney, Mr. Duggan held registrations with RBC Capital Markets, LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated. He has passed the Securities Industry Essentials Examination (SIE), the General Securities Representative Examination (Series 7), and the Uniform Combined State Law Examination (Series 66), and holds licensure in 14 U.S. states and territories. (Information current as of February 2026.)
Patil Law, P.C. represents investors throughout the United States in claims against financial advisors and brokerage firms. If you suffered investment losses in connection with GWG bonds or other products recommended by Randall E. Duggan or another Moloney Securities advisor, call us at 800-950-6553 or complete our contact form for a free and confidential consultation. We work on a contingency fee basis — you pay nothing unless we recover money for you.
The information in this post is based on FINRA BrokerCheck records and public filings. Allegations described are pending or unproven and may be contested. All investors are entitled to fair treatment under securities laws. This is attorney advertising. Prior results do not guarantee a similar outcome. This communication is for informational purposes only and does not create an attorney-client relationship.