Paul R. McGonigle, 65, is charged with three counts of wire fraud, one count of mail fraud and one count of aggravated identity theft. 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.