Securities and Exchange Commission v. Paul R. McGonigle

The Securities and Exchange Commission (SEC) has instituted public administrative proceedings against Paul R. McGonigle, deeming it appropriate and in the public interest. McGonigle, a 67-year-old former associated person of LPL Financial LLC and SII Investments, Inc., was barred by FINRA in November 2020. He pled guilty to multiple counts, including wire fraud, mail fraud, aggravated identity theft, investment adviser fraud, and money laundering. He admitted to stealing at least $1.4 million from clients, many of whom were elderly or in poor health. The SEC has barred McGonigle from associating with any broker, dealer, or investment adviser, and from participating in any penny stock offerings. This order includes provisions for reapplication for association, subject to compliance with specific conditions and payment of penalties and restitution.