National investor fraud law firm, KlaymanToskes, has commenced an investigation in light of recent criminal charges concerning Paul R. McGonigle (“McGonigle”), who worked at LPL Financial (“LPL”) from February 2018 to June 2019. On June 9, 2021, the Department of Justice (“DOJ”) charged McGonigle with three counts of wire fraud, one count of mail fraud, and one count of aggravated identity theft in connection with defrauding elderly clients and stealing their retirement assets. In November 2020, Financial Industry Regulatory Authority barred McGonigle as a broker for failing to respond to a request for information via an expedited proceeding.
According to the DOJ press release, beginning in July 2018, while McGonigle worked as a registered representative at LPL Financial, McGonigle allegedly caused unauthorized withdrawals from his victims’ annuities and induced victims to give him money to invest on their behalf, which he then used for personal and business expenses. McGonigle allegedly would pose as clients on calls with their annuity companies and sign their names on forms requesting withdrawals from their annuities.
According to securities attorney Lawrence L. Klayman, Esq., “LPL Financial is responsible for adequately supervising its registered representatives. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for any resulting investment losses sustained by customers.” Before LPL Financial, McGonigle had been with SII Investments Inc. in New Bedford, Massachusetts, for 23 years before moving to LPL in February 2018. He left LPL in June 2019, according to his BrokerCheck profile.
Former customers of McGonigle who held accounts with him at LPL Financial, and those who may have information relating to McGonigle’s financial misconduct, are encouraged to contact Lawrence L. Klayman, Esq. of KlaymanToskes at (561) 542-5131.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation, on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm represents high net‐worth, ultra‐high‐net‐worth, and institutional investors, such as non‐profit organizations, unions, public and multi‐employer pension funds. KlaymanToskes has office locations in California, Florida, New York and Puerto Rico.
Contact:
KlaymanToskes
Lawrence L. Klayman, Esq., (561) 542-5131
lklayman@klaymantoskes.com
www.klaymantoskes.com