DOL Unveils Final Fiduciary Rule for Retirement Accounts
The U.S. Department of Labor o...
25 April, 2024 No comment
Peiffer Wolf is currently investigating Paul Richard McGonigle for alleged unsuitable investment advice.
Paul McGonigle is a Massachusetts-based former broker and investment advisor with LPL Financial LLC. Found guilty of numerous charges in 2023, McGonigle engaged in investment practices that allegedly resulted in the defrauding of his clients.
Peiffer Wolf is currently investigating claims on behalf of investors who suffered losses with McGonigle in light of these findings. If you’ve invested with Paul McGonigle, Contact Us today by filling out a Contact Form or by calling 585-310-5140 to schedule a FREE Consultation.
Paul McGonigle | LPL Financial
McGonigle was registered as a broker with LPL Financial LLC for a brief period between 2018-2019. Before that, he was registered with SII Investments, Inc from 1998-2018, Royal Alliance Associates, Inc from 1989-1998, and various other firms going back to 1983.
According to FINRA’s BrokerCheck, McGonigle has been the subject of 3 disclosures, including 2 customer disputes and 1 regulatory disclosure:
- 05/31/2022: “Claimant alleges that during the time period 2012 to 2019, representative misappropriated funds by forging documents to switch annuities for the purpose of stealing funds.”
- 08/12/2020: “On September 8, 2020, in response to FINRA’s Notice of Suspension Letter dated August 12, 2020, McGonigle emailed a request for hearing to the Office of Hearing Officers (“OHO”). On October 15, 2020, McGonigle was ordered to file a supplement to his hearing request to set forth with specificity any and all defenses to the FINRA action as required by FINRA Rule 9552(e) no later than October 22, 2020. McGonigle did not file a supplement and the proceeding before the OHO was dismissed on October 23, 2020. On October 26, 2020, McGonigle made a request to reopen the OHO proceeding. On November 5, 2020, McGonigle was ordered to file, by November 10, 2020, a written statement establishing good cause as to why this expedited matter should be reopened. McGonigle did not file a written statement and on November 12, 2020, his request to reopen the expedited matter was denied. The Notice of Suspension dated August 12, 2020 remains FINRA’s final action. Pursuant to Rule 9552(h), absent a request to terminate the suspension within three months of the issuance of the original notice of suspension, McGonigle will automatically be barred on November 16, 2020. McGonigle failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in all capacities on November 16, 2020.”
- 01/08/2007: “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.”
If you invested with Paul McGonigle, you should Contact Peiffer Wolf immediately for a Free Consultation.
To review Paul McGonigle’s BrokerCheck report, click here:
https://brokercheck.finra.org/individual/summary/1220690 *BrokerCheck is run by the Financial Industry Regulatory Authority, Inc. (FINRA)
Paul McGonigle | Lawsuit and Sentencing
On August 9, 2023, a federal court in Boston sentenced McGonigle to 54 months in prison and two months of supervised release for “defrauding his elderly and otherwise vulnerable clients and stealing the victims’ retirement assets.”
This was the result of McGonigle pleading guilty to one count of investment adviser fraud, two counts of money laundering, three counts of wire fraud, one count of mail fraud, and one count of aggravated identity theft.
The US Attorney for the District of Massachusetts contends that McGonigle carried out his criminal activity by “[posing] as clients on calls with their annuity companies and [signing] their names on forms requesting withdrawals from their annuities.” When clients started to ask questions, McGonigle “concealed his scheme by falsely assuring clients that their investments were growing.”
Paul McGonigle Client? | FREE Consultation | 585-310-5140
Financial advisors (brokers) have a legal obligation and regulatory obligation to recommend only suitable investments that are appropriate for their clients. Their financial institution has a legal and regulatory obligation to supervise the broker’s sales practices and dealings with clients. To the extent that any of these duties are breached, the customer may be entitled to a recovery of their investment losses.
Do you believe you may have been a victim of investment fraud or broker misconduct? Peiffer Wolf has represented thousands of victims, and we remain committed to fighting on behalf of investors.
If you invested with Paul McGonigle, Contact Us today by filling out a Contact Form or by calling 585-310-5140 to schedule a Free Consultation.
Get a FREE case Evaluation.
"*" indicates required fields
Bad Brokers in the news
-
-
Who Can You Trust for Retirement Advice? New Rules Strengthen Protections.
When you walk into a financial...
24 April, 2024 No comment
Brokercheck®️ report
