Former LPL Advisor Charged With Fraud Faces 37-Year Prison Sentence

Posted on February 11th, 2022 at 1:24 PM
Former LPL Advisor Charged With Fraud Faces 37-Year Prison Sentence

From the Desk of Jim Eccleston at Eccleston Law:

The Massachusetts-based advisor, Paul McGonigle, was charged with one count of investment advisor fraud and two counts of money laundering. McGonigle previously was arrested and charged with three counts of wire fraud and one count of mail fraud in June 2021. Ultimately, McGonigle will spend 37 years in prison if he is found guilty on all charges. 

McGonigle allegedly facilitated numerous unapproved withdrawals from his clients’ annuities and convinced them to provide additional funds purportedly for investment, which McGonigle instead utilized to cover personal and business expenses, according to the Department of Justice (DOJ). The DOJ further alleges that McGonigle posed as his clients on phone calls with annuity companies and forged client signatures on forms requesting withdrawals from their annuities. According to court documents, McGonigle misappropriated at least $1.4 million from 15 clients. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.


Tags: eccleston, lpl, finra

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