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Ex-Broker Gets Prison Over $1.2M Theft from Vulnerable Clients  

Saturday, Aug 19 2023
Regulatory & Compliance
Written by  PFA News

A former financial advisor has received a sentence of four and a half years in prison for stealing $1.2 million from the retirement accounts of someone with dementia, a person with a traumatic brain injury and other clients, most of whom were older. So reports the Associated Press.

prison icon 2071965 640 smallPaul McGonigle, a 67-year-old from Middleborough, Mass., pleaded guilty earlier this year to investment adviser fraud, money laundering, wire fraud, mail fraud and aggravated identity theft.

Calling McGonigle’s deeds “despicable,” federal prosecutor Christopher DiMenna said in a statement: "He preyed on his elderly and vulnerable clients, betrayed their trust, and stole over $1.2 million from their retirement accounts.”

Read the full article from the Associated Press.

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