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Paul McGonigle Barred By FINRA

Jul 23, 2021 AWC

Paul McGonigle (CRD #: 1220690), a broker previously registered with LPL Financial, has been barred by FINRA, according to his BrokerCheck record, accessed on July 9, 2021.

This bar followed a regulatory disclosure dated August 12, 2020. According to the regulator statement, on September 8, 2020, McGonigle emailed a request for a hearing in response to a FINRA Notice of Suspension Letter. On October 15, 2020, FINRA ordered McGonigle to file a supplement to his hearing request. McGonigle allegedly did not file a supplement and his hearing was dismissed. McGonigle made a new request reopen the hearing, but allegedly did not respond to a request for a written statement establishing good cause as to why this expedited matter should be reopened.

Pursuant to Rule 9552, in the absence of a request to terminate the suspension within three months of the issuance, Paul McGonigle was barred on November 16, 2020.

Settled Investor Dispute

Paul McGonigle also has a settled investor dispute on his record. On January 8, 2007, an investor alleged that McGonigle executed excessive trades. They further alleged that McGonigle recommended unsuitable fixed and variable annuities as well as unsuitable class B mutual funds. The investor sought $648,000; the dispute settled for $247,500.

Paul McGonigle Background Information

McGonigle has passed the following exams:

  • Series 63 Uniform Securities Agent State Law Examination
  • Securities Industry Essentials Examination
  • Series 7 General Securities Representative Examination
  • Series 22 Direct Participation Programs Representative Examination
  • Series 6 Investment Company Products/ Variable Contracts Representative Examination

Paul McGonigle has worked for the following firms:

  • LPL Financial (CRD #: 6413)
  • SII Investments (CRD #: 2225)
  • Royal Alliance Associates (CRD #: 23131)
  • Integrated Resources Equity Corporation (CRD #: 6403)
  • IDS Financial Services (CRD #: 6320)
  • American Express Financial Advisors (CRD #: 6363)

Kurta Law Can Help

If you worked with Paul McGonigle and you have concerns about unsuitable investments, contact Kurta Law today. Call 212-658-1502 or email jkurta@kurtalawfirm.com.