Former Merrill Lynch Broker Marcus Boggs Charged with Misappropriating More than $1.7 MillionMonday, September 9, 2019
On August 23, 2019, the Securities and Exchange Commission charged Merrill Lynch broker, Marcus Boggs, with stealing more than $1.7 million from at least three of his clients.
According to the SEC’s complaint, Boggs, without his clients’ knowledge or authorization, misappropriated their money by selling securities in their advisory accounts and then transferring the proceeds to his personal credit card account. The complaint further alleges that from 2016 to 2018, Boggs made more than 200 illegal transfers from three advisory clients’ accounts to his personal credit card account.
Boggs worked as a broker and investment advisor at Merrill Lynch’s Chicago office from 2005 to December 2018, when he was terminated by the company after it uncovered the alleged fraud. Finra BrokerCheck records also show that in 2018 Merrill Lynch paid out about $5.6 million in settlements to clients who allegedly fell victim to the scheme.
If Marcus Boggs or another broker lost your hard-earned savings due to investment fraud or other misconduct, you may be able to recover from your broker or the brokerage firm where he or she was registered. Since 1998, the attorneys at ChapmanAlbin have been helping investors recover money lost due to securities fraud and negligence. Call us today for a free consultation at 1-877-410-8172.