Former LPL Advisor Faces Prison Sentence for Stealing Client Retirement Funds

Posted on June 21st, 2021 at 12:28 PM
Former LPL Advisor Faces Prison Sentence for Stealing Client Retirement Funds

From the Desk of Jim Eccleston at Eccleston Law:

Ex-LPL advisor Paul McGonigle has been charged with defrauding his elderly clients and stealing their retirement funds. According to court documents, McGonigle has been charged with three counts of wire fraud, one count of mail fraud as well as one count of aggravated identity theft. Based on the charges, McGonigle is facing nearly 20 years in prison if he is convicted. According to BrokerCheck, McGonigle was associated with LPL from 2018-2019 after working for five other firms over his 34-year career. The Financial Industry Regulatory Authority (FINRA) has barred McGonigle from joining any FINRA member firms after he allegedly failed to respond to the regulator’s request for information related to the investigation. 

According to court documents, McGonigle allegedly authorized withdrawals from his victims’ annuities without their knowledge or consent, before convincing the clients to give him additional funds to invest on their behalf. McGonigle allegedly spent his clients’ funds on personal and business expenses, according to court documents. To cover up the scheme, McGonigle posed as his clients on calls with their annuity providers and forged client signatures on withdrawal request forms. 

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

Tags: eccleston, eccleston law, lpl, prison sentence

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