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Middleboro Financial Advisor Charged in Superseding Indictment with Investment Adviser Fraud and Money Laundering | USAO-MA

BOSTON – A Middleboro economic advisor has been charged in a superseding indictment in relationship with defrauding his elderly clients and thieving the victims’ retirement property.

Paul R. McGonigle, 67, has been charged in a superseding indictment with one count of investment decision adviser fraud and two counts of money laundering. McGonigle was earlier arrested and charged in June 2021 with three counts of wire fraud, 1 count of mail fraud and a person rely of aggravated id theft.  

In accordance to the charging document, McGonigle served as a economic advisor for the aged victims. Starting no later on than February 2015, McGonigle allegedly prompted unauthorized withdrawals from victims’ annuities and induced victims to give him funds to spend on their behalf, which he then made use of for private and company charges. To carry out his plan, McGonigle allegedly posed as purchasers on calls with their annuity companies and signed their names on varieties requesting withdrawals from their annuities. 

The cost of expenditure adviser fraud offers for a sentence of up to 5 years in jail, a few decades of supervised launch and a good of up to $250,000 or twice the gross acquire or decline from the offense, whichever is greater. The rates of money laundering present for a sentence of up to 10 several years in jail, 3 a long time of supervised release and a wonderful of up to $250,000 or twice the gross obtain or decline from the offense, whichever is higher. The rates of mail and wire fraud present for a sentence of up to 20 several years in jail, a few years of supervised release and a high-quality of up to $250,000 or two times the gross get or reduction from the offense, whichever is larger. The cost of aggravated id theft presents for a required consecutive sentence of two several years in jail, up to 1 12 months of supervised launch and a fine of $250,000 or two times the gross get or reduction from the offense, whichever is better. Sentences are imposed by a federal district court decide dependent on the U.S. Sentencing Suggestions and other statutory aspects.

United States Attorney Rachael S. Rollins and Joseph R. Bonavolonta, Unique Agent in Cost of the Federal Bureau of Investigation, Boston Division made the announcement right now. The Massachusetts Insurance coverage Fraud Bureau furnished valuable aid with the investigation. Assistant U.S. Legal professional Kristen A. Kearney of Rollins’ Securities, Economic & Cyber Fraud Device is prosecuting the case.

The information contained in the charging documents are allegations. The defendant is presumed innocent except if and till demonstrated guilty further than a realistic doubt in a courtroom of regulation.