Paul McGonigle Guilty of Investment Adviser Fraud – Goodman & Nekvasil, P.A., May Recover Investor Losses
Former LPL FINANCIAL LLC investment adviser, Paul McGonigle Guilty of Investment Adviser Fraud.
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, according to court documents.
PAUL RICHARD MCGONIGLE (CRD#: 1220690), a formerly registered broker for LPL FINANCIAL LLC, in NEW BEDFORD, MA, 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, according to the SEC.
Paul McGonigle Guilty of Investment Adviser Fraud.
Goodman & Nekvasil, P.A., is investigating brokers who may have recommended unsuitable investments.
St. Petersburg, Florida law firm Goodman & Nekvasil, P.A., has a national practice representing victimized investors. The firm continues to investigate brokerage firms that placed elderly retirees and other conservative investors in unsuitable investments.
Goodman & Nekvasil, P.A., has filed numerous cases against brokerage firms selling high-risk investments and has recovered more than $400 million dollars on behalf of victimized investors.
We allege in these cases that these investment recommendations were unsuitable for our clients in view of their financial situation, needs and investment objectives.
There is no charge for an evaluation of your case. We handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee.
If you incurred losses on your investment and would like your case evaluated by a securities attorney, please contact us.
Some of the information in this blog post was obtained from FINRA on 6/25/24. If you believe this information was reported incorrectly, please contact our firm: 1-800-500-4442.