Royal Alliance Associates

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Paul McGonigle Pleads Guilty to Defrauding Clients and Stealing Their Retirement Assets

Paul McGonigle, a 67-year-old financial adviser from Middleboro, Massachusetts, pleaded guilty to defrauding his elderly clients and stealing their retirement assets. He allegedly stole at least $1.4 million from the annuities of 15 clients over three years, according to court documents and a statement jointly released by the U.S. Attorney’s Office and the Federal Bureau […]

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Royal Alliance Fined After $3.8 Million Financial Advisor Theft

FINRA recently fined the Royal Alliance Associates, an independent broker-dealer, $400,000 for failing to properly supervise two of its brokers who independently stole 3.8 million from its clients. The brokers who found guilty of directing checks and wire transfers from their customers’ accounts two bank accounts belonging to companies they had created. In FINRA’s Letter

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