Middleboro Financial Advisor Accused of Defrauding Elderly Clients
MIDDLEBORO — A Middleboro financial advisor has been charged for allegedly defrauding his elderly clients and stealing the victims' retirement assets.
The U.S. Attorney's Office said 67-year-old Paul McGonigle has been charged in federal court with one count of investment adviser fraud and two counts of money laundering.
McGonigle was previously arrested and charged in June 2021 with three counts of wire fraud, one count of mail fraud and one count of aggravated identity theft.
According to the office, McGonigle served as a financial advisor for his elderly victims.
Starting in February 2015, he allegedly made unauthorized withdrawals from his victims' annuities and received money to invest on their behalf, which he allegedly used for personal and business expenses.
Authorities allege that McGonigle posed as his clients on calls with their annuity companies and signed their names on forms requesting withdrawals.
He faces up to 22 years in prison, four years of supervised release and multiple $250,000 fines totaling $1 million or twice the gain from the offense, whichever is greater.