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Paul R. McGonigle Pleads Guilty to Defrauding Clients 

Paul R. McGonigle Pleads Guilty to Defrauding Clients featured by top securities fraud attorneys, the White Law Group

The White Law Group continues to investigate potential securities claims involving advisor Paul R. McGonigle. 

Financial advisor Paul R. McGonigle, has reportedly pleaded guilty to defrauding clients and “stealing their retirement assets,” according a statement by the U.S. Attorney’s office this week. 

McGonigle, of New Bedford, MA, reportedly pleaded guilty on February 3 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 in federal court. 

McGonigle’s clients and alleged victims were “elderly, one of whom had dementia, and another had suffered a traumatic brain injury,” according to the statement. 

Beginning around February 2015, McGonigle allegedly made withdrawals from victims’ annuities without authorization and persuaded victims to give him money to invest on their behalf, which he then purportedly used for personal and business expenses.  

McGonigle purportedly posed as clients on calls with their annuity companies and signed their names on forms requesting withdrawals from their annuities.    

McGonigle’s sentencing is reportedly scheduled for June 22, 2023. McGonigle was initially charged in June 2021 and later charged in a superseding indictment in February 2022. He faces up to twenty years prison, according to the statement. 

According to his broker report, Paul R. McGonigle was a FINRA-registered broker with over 34 years in the securities industry. Most recently he was registered with LPL Financial in New Bedford MA. 

FINRA Attorneys to Recover Investment Losses    

The Financial Industry Regulatory Authority (FINRA) operates the largest securities dispute resolution forum in the United States, and provides a fair and effective venue to handle a securities-related dispute   

When brokers violate securities laws, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

If you have suffered losses investing with Paul R. McGonigle the securities attorneys at the White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.      

The foregoing information, which is all publicly available, is being provided by The White Law Group.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington. For more information, please visit our website, www.whitesecuritieslaw.com


Tags: , Last modified: August 11, 2023