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

Return to Archive

TESTIMONIALS

Previous
Next

This was the best of all possible outcomes and I cannot thank you and the team enough.

Michael S.

LATEST NEWS AND ARTICLES

September 20, 2023
SEC Orders Legendary Capital Founder and REIT Advisors to Pay Nearly $5 Million

Corey Maple, co-founder of non-traded REIT sponsor Legendary Capital, has agreed to a $100,000 civil penalty to settle charges brought by the Securities and Exchange Commission (SEC).

September 19, 2023
Reg BI Violations Lead to FINRA's Fine on Another Broker-Dealer

The Financial Industry Regulatory Authority (FINRA) has fined and censured broker-dealer Network 1 Financial Securities and its chief compliance officer for violating Regulation Best Interest (Reg BI).

September 18, 2023
Troubles at an Arizona Park Funded by Municipal Bonds Are a Warning to Investors

The recent financial troubles at a sports arena in Mesa, Arizona, demonstrate that not all municipal bonds are equally safe.