Paul R McGonigle Sentenced in Elder Fraud

According to a recent press release from the U.S. Attorney's Office, District of Massachusetts, Paul R McGonigle, 67, a Middleboro financial advisor, was sentenced to 54 months in prison and two months of supervised release and ordered to pay restitution of $652,987, for defrauding his elderly and otherwise vulnerable clients and misappropriating the victims’ retirement assets. According to the U.S Attorney’s Office, in February 2023, McGonigle pleaded guilty to one count of investment adviser fraud, two counts of money laundering, three counts of wire fraud, one count of mail fraud and one count of aggravated identity theft.

“Among the highest priorities of this office is protecting vulnerable victims from pernicious fraudulent schemes. This defendant took advantage of the elderly, including individuals living with dementia and other cognitive impairments, to line his own pockets. The conduct is despicable. The judicial system has now held him accountable and anyone embarking on such conduct is forewarned that you will be investigated and prosecuted,” said Acting United States Attorney Joshua S. Levy. 

According to the press release, Paul R McGonigle served as a financial advisor for the victims, many of whom were elderly, one of whom had dementia, and another who suffered a traumatic brain injury. The U.S. Attorney’s Office states that beginning no later than February 2015, McGonigle caused unauthorized withdrawals from the victims’ annuities and induced victims to give him money to invest on their behalf, which he then used for his own personal and business expenses. The U.S. Attorney’s Office states that to carry out his scheme, Paul R. McGonigle posed as his clients on calls with their annuity companies and signed their names on forms requesting withdrawals from their annuities.  If his clients asked questions, McGonigle concealed his scheme by falsely assuring clients that their investments were growing.  

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, Paul R. McGonigle was barred by FINRA from acting as a broker or otherwise associating with a broker/dealer firm on August 12, 2020. McGonigle was in the securities industry for 34 years and was listed with 6 firms.  He was with LPL FINANCIAL LLC in New Bedford, Massachusetts from 02/14/2018 - 06/28/2019.  Before LPL, he was listed with SII INVESTMENTS, INC also of New Bedford, Massachusetts from 07/16/1998 – 02/14/2018. McGonigle has 3 Disclosures on his FINRA CRD report, one is a “Regulatory,” barring him from the industry, and two are, “Customer Disputes.”  

If you or an elderly loved one were victims of former broker, Paul R. McGonigle, previously listed with LPL FINANCIAL LLC or SII INVESTMENTS both of New Beford, Massachusetts, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.