A former LPL Financial advisor has been hit with new charges in a case where he's accused of defrauding his elderly clients and raiding their retirement accounts, according to a news release from the U.S. Attorney’s Office for the District of Massachusetts.

Paul R. McGonigle, 65, of Middleboro, Mass., was charged on Tuesday in a superseding indictment with one count of investment advisor fraud and two counts of money laundering. He was previously arrested in June 2021 and charged with three counts of wire fraud, one count of mail fraud and one count of aggravated identity theft.

McGonigle, the court document alleged, triggered unauthorized withdrawals from his clients’ annuities when he posed as the clients on calls with their annuity companies and signed their names on forms making the withdrawal requests. The checks were mailed to him. McGonigle further induced his clients to give him money to invest on their behalf, the complaint said.

The court document said McGonigle would often misappropriate funds in clients’ accounts to cover up the fraud, which began no later than February 2015. He robbed more than $289,000 from at least five accounts belonging to his elderly clients, who were in poor physical or mental health, and used the loot for personal and business expenses, the indictment complaint said.

McGonigle had been with SII Investments Inc. in New Bedford, Mass., for 19 years before moving to LPL in February 2018. He left LPL in June 2019, according to his BrokerCheck profile. According to the indictment, McGonigle continued working up until November 16, 2020, as a registered broker under the company name Integrated Financial Services (IFS).

On that date, he was barred by the Financial Industry Regulatory Authority for failing to respond to requests for information. He could not be reached for comment.

McGonigle could spend more than 30 years behind bars. He faces the following:

• For the investment advisor fraud, he could get 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;

• The money laundering charges could get him 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 the mail and wire fraud charge he could be sentenced 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

• For the charge of aggravated identity theft, he faces a mandatory 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.