- Paul McGonigle, a 67-year-old monetary advisor, was sentenced to 4 ½ years in jail for stealing round $1.2 million from the retirement accounts of primarily older victims.
- McGonicle stole from the accounts of an individual with dementia in addition to an individual who had a traumatic mind damage.
- He additionally induced a lot of his victims to offer him cash to take a position on their behalf. He used the funds for private and enterprise bills.
A monetary adviser who stole about $1.2 million from the retirement accounts of his largely older victims, one in every of whom had dementia and one other of whom had a traumatic mind damage, has been sentenced to 4 1/2 years in jail.
Paul McGonigle, 67, of Middleborough, beginning in 2015 pretended to be his purchasers on calls with their annuity corporations and signed their names on kinds requesting withdrawals from their annuities, the U.S. legal professional’s workplace in Boston stated Wednesday.
He additionally induced victims to offer him cash to take a position on their behalf, which he used for private and enterprise bills, prosecutors stated.
When purchasers started to ask questions, McGonigle hid his fraud by assuring purchasers that their investments had been rising, prosecutors stated.
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“What Paul McGonigle did is despicable,” Christopher DiMenna, performing Particular Agent in Cost of the FBI’s Boston workplace stated in a press release. “He preyed on his aged and weak purchasers, betrayed their belief, and stole over $1.2 million from their retirement accounts.”
Funding scams price U.S. residents greater than $3.3 billion final 12 months, he stated.
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McGonigle was additionally ordered to pay restitution. He pleaded responsible in February to funding adviser fraud, cash laundering, wire fraud, mail fraud and aggravated identification theft.