Marcus Boggs, Former Merrill Advisor, Being Sued By SEC Suing For Stealing From Clients

The SEC (Securities and Exchange Commission) has filed a lawsuit against barred advisor Marcus Boggs, who formerly worked for Merrill Lynch, Pierce, Fenner & Smith, for allegedly stealing over $1.7 million from his clients.

According to the SEC’s civil complaint, Boggs is accused of transferring money from three of his client’s accounts to his personal credit card account more than 200 times to pay for huge credit card purchases.

Marcus Boggs Arrested On Criminal Charges

Boggs has also been charged with wire fraud in a criminal complaint, which carries up to a 20 year prison sentence. On August 22, 2019, Boggs was arrested by the FBI at O’Hare Airport in Chicago where he was boarding a flight to Germany with a one-way ticket.

Stealing From Clients

The alleged theft occurred from 2016-2018, during which time Boggs made trips to South America, the Caribbean, and Europe, staying in luxurious hotels.

The SEC’s complaint states that:

“Boggs did not have discretion over the accounts…This meant that the clients did not give Boggs permission to trade in their account, or liquidate assets, unless Boggs received the clients’ permission.”

Boggs worked at Merrill Lynch’s Chicago office from 2006 to 2018.  After customer disputes alleging unauthorized transfer of funds, Merrill Lynch conducted an investigation and fired Boggs in December, 2018. FINRA permanently barred him in April, 2019 after he failed to comply with a request for information.

Boggs’ FINRA BrokerCheck report lists 5 disclosures, three of which are for the theft alleged in the SEC lawsuit. Those cases have been settled for a total of $5.6 million.

In an article about Boggs on FundFire.com, Scott Silver told the website that it’s common for the SEC to file a lawsuit of its own after an advisor or broker is permanently barred from FINRA. Scott said the fact that Boggs was banned from the industry and didn’t cooperate with FINRA “is great because, in theory, he can’t cause any more harm and gives the SEC some breathing room to build up their case.”

Boggs Victim One Of ‘Dixmoor 5’

According to an article in the Chicago Tribune, one of the clients Boggs stole money from was one of the “Dixmoor 5”, a group of five teenage boys in Chicago who were falsely convicted of a rape and murder in 1991. All were exonerated by DNA evidence in 2011, and a wrongful conviction settlement was reached for $40 million.

One of the five received $5 million for the decade he spent in prison. He knew little about investing, but trusted Boggs to invest his money. Unfortunately, Boggs used the settlement money to make $815,000 in payments on his own credit card, the complaint says.

There may be more victims of Marcus Boggs. Investment losses can be recovered for offenses other than theft, such as churning, unsuitable investments, and lack of due diligence.

Did You Invest With Marcus Boggs?

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today and let us know how we can help.