Former LPL Financial LLC Broker Paul McGonigle Accused of Elder Abuse and Fraud
Posted on Monday, July 12th, 2021 at 6:28 pm
Erez Law is currently investigating former LPL Financial LLC broker Paul McGonigle (CRD# 1220690) regarding elder abuse. McGonigle was registered with LPL Financial LLC in New Bedford, Massachusetts from 2018 to 2019 and previously with Sii Investments, Inc. in New Bedford, Massachusetts from 1998 to 2018.
McGonigle was charged with three counts of wire fraud, one count of mail fraud as well as one count of aggravated identity theft. It is alleged that he defrauded his elderly clients and stole their retirement funds. It is alleged that McGonigle authorized withdrawals from his clients’ annuities without their consent. He also convinced his clients to give him additional funds to invest on their behalf. It is also alleged that McGonigle spent his clients’ funds on business and personal expenses. Additionally, McGonigle posed as his clients on calls with the clients’ annuity providers and forged client signatures on withdrawal request forms, in an effort to cover up his wrongdoing. McGonigle faces 20 years in prison.
In September 2020, FINRA barred McGonigle after he failed to respond to a FINRA request for information, effective in November 2020.
McGonigle has been the subject of one customer complaint, according to his CRD report:
January 2007. “Client alleges excessive trading and churning; unsuitable purchasing and surrendering of annuity products including fixed and variable and unsuitable trading of mutual funds including class b beginning on May of 2000.” The customer sought $648,000 in damages and the case was settled for $247,500.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, LPL Financial LLC may be liable for investment or other losses suffered by McGonigle’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.