MIDDLEBORO, MASSACHUSETTS

Our law firm is continuing to look into allegations made against former LPL Financial advisor Paul R. McGonigle from Middleboro, Massachusetts. Paul McGonigle was previously barred from the securities industry by FINRA (the Financial Industry Regulatory Authority).

On February 1, 2022, the U.S. Attorney’s Office for the District of Massachusetts charged McGonigle with investment adviser fraud and money laundering. McGonigle was alleged to have caused unauthorized withdrawals from his clients’ annuities and then used that money for personal expenses. It was further alleged that McGonigle impersonated his clients on phone calls with the annuity companies to make the withdrawals.

It is unlikely that advisors who are charged with fraud will ever pay back their victims, even when ordered to do so by the court through restitution. Instead, victims may need to look at suing LPL Financial (whom McGonigle was registered with from February 2018 to June 2019) or SII Investments (whom McGonigle was registered with from 1998 to February 2018. If LPL Financial or SII failed to reasonably supervise McGonigle, they can be liable for losses.

Our law firm has represented over one thousand investors who lost money because of misconduct of stockbrokers, financial advisors, investment advisors, and brokerage firms. We represent investors all over the country, including investors in Massachusetts.

Click to view: McGonigle, Paul BrokerCheck 6.10.21 (1)

If you lost money with Paul McGonigle, LPL Financial, or SII Investments, contact the law firm of ISRAELS & NEUMAN at (720) 599-3505 or (206) 795-5798 for a Free evaluation of your case.