Paul Richard McGonigle, Formerly of LPL Financial, Accused of Defrauding Elderly Clients

McGonigle is charged with three counts of wire fraud, one count of mail fraud, and one count of aggravated identity theft.

paul-richard-mcgonigle-defrauding-elderly-clientsPaul Richard McGonigle (CRD: 1220690) was registered as a broker with LPL Financial from 2018 until 2019. Previously, McGonigle was registered with SII Investments from 1998 until 2018.

On June 9, 2021, McGonigle was arrested and charged with defrauding clients and stealing their retirement assets, according to a press release by the United States Attorney’s Office for the District of Massachusetts.

McGonigle is accused of making unauthorized withdrawals from the victims’ annuities and inducing the victims to give him money to invest on their behalf, which he then used for personal and business expenses. The misconduct purportedly began in July of 2018. To maintain his scheme, McGonigle allegedly called the annuity companies posing to be the victims and forged the victims’ names on forms requesting withdrawals.

McGonigle is facing three counts of wire fraud and one count of mail fraud, each count carrying a potential sentence of up to 20 years in prison, three years of supervised release, and a fine of up to $250,000 or twice the gross gain or loss from the offense, whichever amount is greater.

McGonigle is also charged with one count of aggravated identity theft, which carries a mandatory consecutive sentence of two years in prison, up to one year of supervised release, and a fine of $250,000 or twice the gross gain or loss from the offense, whichever is greater.

McGonigle has two disclosures on his BrokerCheck report.

August 2020 Regulatory Judgment

January 2007 Customer Dispute

Contact Us Today

The Sonn Law Group is currently investigating allegations surrounding Paul Richard McGonigle. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.


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