Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Paul Mcgonigle (Mcgonigle), previously associated with LPL Financial LLC, has at least one disclosable event. These events include one regulatory event, alleging that Mcgonigle recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on June 06, 2024.
The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against Paul R. McGonigle (‘McGonigle’ or ‘Respondent’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the ‘Offer’) which the Commission has determined to accept. The Commission finds that on or about February 3, 2023, McGonigle entered a guilty plea before the United States District Court for the District of Massachusetts in United States v. McGonigle, Crim. No. 1:21-cr-10181. McGonigle pled guilty to three counts of wire fraud in violation of 18 U.S.C. \\u00a7 1343, one count of mail fraud in violation of 18 U.S.C. \\u00a7 1341, one count of aggravated identity theft in violation of 18 U.S.C. \\u00a7 1028A(a)(1), one count of investment adviser fraud in violation of 15 U.S.C. \\u00a7\\u00a7 80b-6 & 80b-17, and two counts of money laundering in violation of 18 U.S.C. \\u00a7 1957. As part of his guilty plea, McGonigle agreed to a sentencing enhancement because he admitted his offenses ‘involved the violation of securities laws and, at the time of the offense, [McGonigle] was a registered broker or person associated with a broker or dealer and an investment advisor or person associated with an investment advisor.’ Additionally, the counts of the indictment to which McGonigle pled guilty alleged, among other things, that between 2015 and 2021, McGonigle stole at least $1.4 million from the accounts of at least fifteen clients, including those who were elderly or in poor physical and mental health. To carry out his scheme, McGonigle caused unauthorized withdrawals from his clients’ annuities by posing as clients on calls with their annuity companies or by signing their names on forms requesting withdrawals. He also induced clients to sign documents requesting the surrender of their annuities and the transfer of those funds to McGonigle, by falsely representing that he would invest those funds on their behalf. Instead, McGonigle used the funds for personal and business expenses.