Ex-Middleboro, Massachusetts LPL Financial Advisor Could Be Sentenced to 20 Years in Prison
Paul Richard McGonigle, a former LPL Financial broker, has been arrested for allegedly stealing clients’ retirement assets, including older investors. He is charged with aggravated identity theft, mail fraud, and multiple counts of wire fraud. McGonigle could spend 20 years behind bars if convicted.
According to prosecutors, starting in July 2018, McGonigle caused unauthorized withdrawals from clients’ annuities and persuaded some of them to allow him to invest their funds. Instead, the broker allegedly used their money to pay for his expenses. He is accused of posing as his victims during calls with annuity companies and signing as them on forms asking for the annuity withdrawals.
The Financial Industry Regulatory Authority (FINRA) barred McGonigle last year after he neglected to reply to its request for information in an ongoing investigation. LPL Financial fired him in 2019 and reportedly has been cooperating in any investigations involving the ex-Massachusetts broker.
According to his BrokerCheck record, McGonigle worked for 34 years in the industry. Other firms where he used to be registered include SII Investments, Royal Alliance Associates, Integrated Resources Equity Corp., IDS Financial Services, and American Express Financial Advisors.
A 2007 customer dispute alleging excessive trading, churning, and unsuitability involving annuity products and mutual funds was settled for $247,500.
Pursuing Damages Caused By Broker Misconduct or Negligence
If you suspect that your broker played a part in causing your investment losses, you may be able to pursue damages against the brokerage firm where they were registered at the time. Broker-dealers have to properly supervise their financial advisors and when failure to do that enables broker fraud, carelessness, or negligence, a firm can be held accountable through FINRA arbitration.
Proving liability for investor losses can be challenging, which is why this is not the type of civil case you want to pursue without seasoned securities lawyers advocating for you and protecting your rights. Even if there are regulator charges or a criminal case is brought against your broker related to your losses, you must file your own case to maximize your chances for financial recovery.
Skilled Broker Misconduct Lawyers
If you suffered losses while working with ex-LPL Financial broker Paul McGonigle, call Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com). We’ve helped thousands to recover their losses. Call us at (800) 259-9010 today.