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Middleboro Financial Advisor Charged with Theft of Clients’ Retirement Assets | USAO-MA

New IdentityTheft Scam

BOSTON – A Middleboro financial advisor was arrested and charged today with defrauding elderly clients and stealing retirement assets.

Paul R. McGonigle, 65, was charged with three counts of wire fraud, one count of mail fraud and one count of aggravated identity theft. McGonigle made his appearance today before U.S. District Court Magistrate Judge Donald L. Cabell.

According to the charging document, McGonigle served as a financial advisor for the victims. Beginning in July 2018, McGonigle allegedly caused unauthorized withdrawals from victims’ annuities and induced victims to give him money to invest on their behalf, which he then used for personal and business expenses. To carry out his scheme, McGonigle allegedly posed as clients on calls with their annuity companies and signed their names on forms requesting withdrawals from their annuities. 

The charges of mail and wire fraud provide for a 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 is greater. The charge of aggravated identity theft provides for 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.  Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

Acting United States Attorney Nathaniel R. Mendell and Joseph R. Bonavolonta, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement. The Massachusetts Insurance Fraud Bureau provided valuable assistance with the investigation. Assistant U.S. Attorney Kristen A. Kearney of Mendell’s Securities, Financial & Cyber Fraud Unit is prosecuting the case.

Source: on 2021-06-09 16:48:45

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