SEC Says Merrill Lynch Advisor Marcus Boggs Used $1.7M in Client Funds for Personal Expenses
Former Merrill Lynch Financial Advisor Marcus E. Boggs (CRD# 5055667) is facing allegations from the U.S. Securities and Exchange Commission (SEC) of stealing more than $1.7 million in client funds to pay his personal credit card bills.
Boggs, who had been registered with Merrill Lynch out of Chicago, IL from February 2006 to December 2018, has 3 customer disputes on his record from November and December 2018 alleging unauthorized ACH transfers. These cases were all settled.
Boggs, who was formally discharged from Merrill Lynch in December 2018 over the allegations mentioned above, is no longer registered as a financial advisor and has been permanently barred from the securities industry.
SEC filings state Boggs presented himself as an experienced, high-class advisor who managed more than $40M in assets for over 70 clients. He was an active member of Chicago’s philanthropic community, where he regularly attended events for prominent area institutions as a means to mingle with wealthy individuals and potential advisory clients.
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