Marcus Boggs, formerly of Merrill Lynch, reportedly Pleads Guilty to Stealing $3 Million from clients
Former financial advisor Marcus Boggs, of Chicago, IL, pleaded guilty to wire fraud on March 21, reportedly admitting he stole more than $3 million from numerous clients for personal expenses, including luxury hotel stays and expensive meals, according to an article in Advisor Hub.
Boggs, 51, who was employed with Merrill Lynch for 12 years, faces a maximum sentence of 20 years for wire fraud, according to the article.
Between 2008 and 2018, Boggs reportedly admitted to defrauding at least eight clients at Merrill Lynch to pay for “international travel, expensive meals at restaurants, rents at multiple apartments, and the mortgage on his personal residence,” according to the article citing the plea agreement.
The Financial Industry Regulatory Authority (FINRA), barred Boggs in January in 2019 after he reportedly failed to answer requests for information in FINRA’s investigation. He was reportedly barred indefinitely on April 15, 2019. The SEC also barred Boggs in February 2020.
The bar followed three customer complaints filed against him for allegations of “unauthorized ACH transfers made to an American Express account from the Client’s account.” The settle amount for the three disputes is approximately $5.6 million dollars.
Boggs was registered with Merrill Lynch in Chicago, IL from February 2006 until his dismissal in December 2018 for “Conduct including withdrawal of funds from client accounts without their knowledge or approval,” according to his FINRA BrokerCheck report.
Filing a Complaint against your Brokerage Firm
When brokers abuse client accounts and conduct transactions that violate securities laws, such as churning, and unauthorized trades, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.
Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois.
We represent investors in FINRA arbitration claims in all 50 states, including Illinois. Our attorneys have recovered millions of dollars from many brokerage firms in the past, including Merrill Lynch.
If you are concerned about your investments with Marcus Boggs, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
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