Current:Home > Contact-usFinancial adviser who stole from client with dementia, others, sent to prison-Angel Dreamer Wealth Society D1 Reviews & Insights
Financial adviser who stole from client with dementia, others, sent to prison
View Date:2024-12-23 16:10:46
BOSTON (AP) — A financial adviser who stole about $1.2 million from the retirement accounts of his mostly older victims, one of whom had dementia and another of whom had a traumatic brain injury, has been sentenced to 4 1/2 years in prison.
Paul McGonigle, 67, of Middleborough, starting in 2015 pretended to be his clients on calls with their annuity companies and signed their names on forms requesting withdrawals from their annuities, the U.S. attorney’s office in Boston said Wednesday.
He also induced victims to give him money to invest on their behalf, which he used for personal and business expenses, prosecutors said.
When clients began to ask questions, McGonigle concealed his fraud by assuring clients that their investments were growing, prosecutors said.
“What Paul McGonigle did is despicable,” Christopher DiMenna, acting Special Agent in Charge of the FBI’s Boston office 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.”
Investment scams cost U.S. residents more than $3.3 billion last year, he said.
McGonigle was also ordered to pay restitution. He pleaded guilty in February to investment adviser fraud, money laundering, wire fraud, mail fraud and aggravated identity theft.
veryGood! (64)
Related
- Francesca Farago Details Health Complications That Led to Emergency C-Section of Twins
- The 2024 Grammy Nominations Are Finally Here
- Jewish refugees from Israel find comfort and companionship in a countryside camp in Hungary
- Sheryl Crow, Mickey Guyton to honor Tanya Tucker, Patti LaBelle on CMT's 'Smashing Glass'
- What happens to Donald Trump’s criminal conviction? Here are a few ways it could go
- Tracy Chapman becomes the first Black person to win Song of the Year at the CMAs
- Partial list of nominees for the 66th Grammy Awards
- Tuohy family paid Michael Oher $138,000 from proceeds of 'The Blind Side' movie, filing shows
- Judge hears case over Montana rule blocking trans residents from changing sex on birth certificate
- Alabama sets date to attempt nation's first nitrogen gas execution of death row inmate
Ranking
- Study finds Wisconsin voters approved a record number of school referenda
- 2 men accused of assaulting offers with flag pole, wasp spray during Capitol riot
- Federal judge declines to push back Trump’s classified documents trial but postpones other deadlines
- 2 endangered panthers found dead on consecutive days in Florida, officials say
- A Pipeline Runs Through It
- 'Women Tell All' brings 'Golden Bachelor' confessions: But first, who did Gerry send home?
- Man arrested in Nebraska in alleged assault of former US Sen. Martha McSally
- How American Girl dolls became a part of American culture — problems and all
Recommendation
-
GreenBox Systems will spend $144 million to build an automated warehouse in Georgia
-
Don't assume Big Ten commissioner Tony Petitti is clueless or naive as he deals with Michigan
-
Frank Borman, Apollo 8 astronaut who orbited the moon, dies at age 95
-
$242 million upgrade planned at Minneapolis-St. Paul International Airport
-
Tony Hinchcliffe refuses to apologize after calling Puerto Rico 'garbage' at Trump rally
-
Federal judge puts Idaho’s ‘abortion trafficking’ law on hold during lawsuit
-
Partial list of nominees for the 66th Grammy Awards
-
Why Olay’s Super Serum Has Become the Skincare Product I Can’t Live Without