Middleboro financial adviser pleads guilty to posing as clients

BOSTON — A Middleboro financial adviser has pleaded guilty to "defrauding his vulnerable clients and stealing their retirement assets," a written statement from U.S. Attorney Rachael S. Rollins' office said.

Paul R. McGonigle, 67, pleaded guilty on Friday, Feb. 3, to one count of investment adviser fraud, two counts of money laundering, three counts of wire fraud, one count of mail fraud and one count of aggravated identity theft in federal court, after originally being charged in June 2021.

McGonigle served as a financial adviser for the victims, "many of whom were elderly, one of whom had dementia, and another had suffered a traumatic brain injury," the statement said.

In February 2015, the McGonigle "caused unauthorized withdrawals from victims' annuities" and succeeded in persuading victims to give him money to "invest on their behalf, which he then used for personal and business expenses," the statement continued.

McGonigle then posed as his clients while on calls with their annuity companies and signed their names on forms requesting withdrawals, according to the U.S. Attorney's Office.

The presiding judge, U.S. District Court Judge Nathaniel M. Gorton, scheduled McGonigle's sentencing for June 22, 2023. McGonigle was initially charged in June 2021 and later charged in a superseding indictment in February 2022.

If he is found guilty on the investment adviser fraud charge, McGonigle faces up to five 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.

For the charge of money laundering, McGonigle faces a sentence of up to 10 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.

For mail and wire fraud, McGonigle could spend 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. And, finally, if McGonigle is found guilty of aggravated identity theft, he faces a 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.

Staff writer Namu Sampath can be reached at [email protected], or you can follow her on Twitter @namusampath. Thank you, subscribers. You make this coverage possible. If you are not a subscriber, please consider supporting quality local journalism by purchasing a digital or print subscription to The Brockton Enterprise.